The North Dakota First Time Farmer Finance Program is a tax-exempt bond program designed to assist First Time Farmers in the state of North Dakota to acquire agricultural property at lower interest rates. Bank of North Dakota (BND), acting as the Farm Finance Agency, determines the eligibility of the applicant and also approves and issues the bond. The bond then is assigned to a Bond Purchaser which typically is a financial institution or contract holder.
The Beginning Farmer Chattel Loan Program assists farmers and ranchers purchasing equipment and livestock. The limit is set at not less than 50% nor greater than 80% of the total loan amount with a lifetime cap of $500,000 per borrower. The interest rate is fixed at 1% below BND's current base rate with a maximum of 6% per year for the first five years of the loan. Interest is variable at 1% below BND's then current base rate for the next two years, adjusted annually on the anniversary date. The applicant may not have previously farmed for more than 15 years.
The Beginning Farmer Real Estate Loan Program assists farmers and ranchers in the purchase of farm real estate. Each qualified applicant is eligible for a $500,000 loan. The interest rate is fixed at 1% below the Bank of North Dakota's (BND) current base rate with a maximum of 6% per year for the first five years of the loan. For the second five years of the loan, interest is variable at 1% below BND's then current base rate adjusted annually on the anniversary date. For the remaining period of a loan, interest is variable and adjusted equal to BND’s base rate.
For the past 20 years, we have heard a great deal about Community Supported Agriculture as a novel marketing and community-building concept. The accepted history of Community Supported Agriculture in the United States is that Jan VanderTuin brought the concept from Switzerland in 1984. CSA projects had been sprouting up there and in other parts of Europe since the 1960s. Such enterprises also were found in Japan in the 1960s when women’s neighborhood groups began approaching farmers to develop direct, cooperative relationships between producers and consumers, known as ‘teikei.’