The Colorado Agricultural Development Authority (CADA) loan program is known as the Beginning Farmer Program. The program involves a three-way transaction between the lender, the borrower and CADA. Through the issuance of a tax exempt bond by CADA to the lender, all interest paid by the borrower is tax exempt. The result is an interest rate to the borrower below commercial rates. Because interest paid to the lender under this program is tax-exempt, the lender should be willing to charge interest rates substantially below commercial rates.