<html> <head> <title>Rule 12:22:02:02 Eligibility requirements.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:02:02"> <META NAME="Description" Content="Administrative Rules 12:22:02:02 Eligibility requirements."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:02:02.&nbsp;&nbsp;Eligibility requirements.</b> To be eligible for a loan under this chapter, an applicant must satisfy the following requirements:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;Applicants may be individuals, public or private organizations, or other legal entities with the necessary power and authority to incur the debt and carry out the purpose of the loan;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;The project must be located in a&nbsp; rural area;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;The project must directly or indirectly benefit South Dakota farmers or ranchers;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;The applicant must be unable to finance the project from its own resources or through commercial credit or other federal, state, or local programs upon reasonable rates and terms; and</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)&nbsp;&nbsp;No individual applicant or the principal officers or directors of an applicant other than an individual, nor the immediate family of any such individual, officer, or director, may hold any legal or financial interest or influence in the VAFA. Neither the VAFA nor its principal officers nor their immediate family may hold any legal or financial interest or influence in the applicant.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 28 SDR 44, effective October 2, 2001.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-24">1-16E-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-8">1-16E-8.</A></p> </div> </body> </html>