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How DRIP works

The program works in partnership with any private lending institutions by providing the borrower with no-cost capital equal to the normal and customary equity requirements of a private loan. The loan fund would finance up to 25 percent of the total project cost, not to exceed $25,000, at zero interest for a term of no longer than seven years with repayment of principal beginning in year three of the loan. A bank or other lending institution must loan the remaining balance of the project.

Eligibility requirements include:

  • Farmers must be actively engaged for at least two years in the growing and harvesting of cash crops such as corn, soy beans, fruits and vegetables in Delaware.
  • Farmers must own or lease the land to be irrigated.
  • The existing non-irrigated land must be located in the State of Delaware to grow crops.
  • Funds may be used to drill new well(s), acquire power units and to fabricate and install new irrigation systems.
  • All work must be performed by experienced and qualified contractors licensed by and located in the State of Delaware.
  • Project financing is limited to one project per individual farm annually.

Last Updated: Wednesday, 07-Sep-2011 19:21:37 EDT
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