SB 23-050

Senate Bill 23-050, which has been approved by the governor and will take effect on August 7, 2023, expands Colorado's agricultural future loan program. It now includes businesses that are not yet operating but plan to start soon, farmers and ranchers who intend to own or operate a farm in the near future, and technology development projects aimed at benefiting agriculture. This means more people and businesses involved in farming can receive loans to help them get started or improve their operations.

Official Summary

The act expands the scope of the Colorado agricultural future loan program by amending the following definitions as follows: Includes in the definition of "eligible business" entities that will be in operation in the near future; Includes in the definition of "eligible farmer or rancher" farmers and ranchers that will own or operate a farm or ranch; and Includes in the definition of "farm-to-market infrastructure loan" the development or manufacturing of technology designed to benefit farmers and ranchers. The act also removes the repeal of the loan program. APPROVED by Governor March 22, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.(Note: This summary applies to this bill as enacted.)

Votes