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What's New in 2010 - MASC Lending
Management Training Credit Availability Expanded
The Management Training Credit (MTC) available to farmers aged 18 - 39 is now available on loans given for a wider variety of purposes. Loans taken for the purposes of debt consolidation, refinancing, farm housing, and equity share financing are now eligible for the MTC.
Net Worth Limits Raised
The limits on net worth for MASC loans has been raised, from $1.225-million to $1.350-million.
Limits Increased for Direct, Comprehensive Refinancing, and Alternate Energy Loans
The limits on loan amounts for Direct Loans, Comprehensive Refinancing loans, and Alternate Energy loans have increased. Individuals may now borrow up to $825,000 (up from $750,000); Corporations, partnerships, and cooperatives may now borrow up to $1.65-million (up from $1.5-million).
Off-Farm Income Limits Raised
The off-farm income limit requirement on MASC loans has increased to $125,000 (up from $120,000).
Farm Housing Limit Raised
The allowable loan limit for MASC loans to be used for on-farm housing has been increased to $230,000 (up from $225,000).
Eligibility Expanded for Rural Entrepreneur Assistance
The eligibility requirements for the Rural Entrepreneur Assistance program have expanded to include cooperatives.
