(a) Purpose. The purpose of the Agriculture and Community Economic Development Loan is to provide financial assistance to Texas-based private entities via an approved participating lender.
(b) Eligible Entities. A private for-profit or non-profit entity authorized to do business in the state of Texas, significantly impacting the agricultural industry and/or furthering rural economic development in Texas may apply for loan funds under this section.
(c) Use of Funds. Loans may be used for real estate purchases, building construction, site improvements, equipment, and any other uses that can be identified to positively impact the agricultural industry and/or improve or assist in the economic development of the rural area.
(d) Loan Terms. The loan terms will be determined by the lender, the board and as defined by this subchapter.
(e) Collateral. The collateral and security requirements will be determined by the board and the participating lender.

Source Note: The provisions of this §28.74 adopted to be effective May 18, 2022, 47 TexReg 2856