Okla. Admin. Code § 35:40-5-111
Current through Vol. 42, No. 7, December 16, 2024
Section 35:40-5-111 - Terms of loans and grants(a) Loan funds shall be provided at zero interest with repayment terms determined by the Board. Repayment of loans in an amount of $20,000.00 or less shall begin three (3) years from the date funds are initially issued to the borrower and shall be completed in not more than three (3) years. Repayment of loans in an amount over $20,000.00 shall begin three (3) years from the date funds are initially issued to the borrower and shall be completed in not more than five (5) years. Loan repayments shall be in equal installments as specified in the loan contract.(b) In the event the facility or project fails to succeed, the borrower may submit in writing, a petition to the Department to convert the balance from a loan to a grant. Petitions recommended for approval shall be submitted to the State Board of Agriculture for final determination.(c) Grant funds for Value-Added Agriculture, Farm Diversification, and Product Development and Research projects may be awarded in amounts up to but not exceeding $10,000. (1) Grants awarded in the amount of $2,500 or less shall not be required to provide matching funds.(2) Grants awarded for $2,501 to $5,000 shall require a fifty percent (50%) matching contribution of funds or in-kind.(3) Grants awarded in the amount of $5,001 or more shall require a dollar for dollar ratio of matching dollars.(d) Grant funds for Agriculture events may be awarded in amounts up to but not exceeding $50,000. (1) Grants awarded in the amount of $2,500 or less shall have supporting documents projecting an economic impact up to $5,000.(2) Grants awarded in the amount of $2,501 to $5,000 shall have supporting documents projecting an economic impact of $5,001 to $75,000.(3) Grants awarded in the amount of $5,001 to $50,000 shall have supporting documents projecting an economic impact of more than $75,000.Okla. Admin. Code § 35:40-5-111
Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/11/2016Amended by Oklahoma Register, Volume 38, Issue 07, December 15, 2020, eff. 11/9/2020Amended by Oklahoma Register, Volume 38, Issue 24, September 1, 2021, eff. 9/11/2021Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/12/2022