Bill > H3183

This bill establishes the "Young Farmer Loan Program" through the South Carolina Conservation Bank to help young farmers (ages 18-40) purchase farmland in the state. To be eligible, applicants must have at least three years of farming experience, a net worth under $300,000, and be purchasing at least 15 tillable acres within South Carolina. The program provides loans up to $500,000, covering a maximum of 70% of the farmland's appraised value, with no interest and repayment terms up to 30 years. A key requirement is that the purchased farmland must be subject to a permanent preservation easement that prevents residential development and ensures the land remains dedicated to agricultural use. The South Carolina Conservation Bank will administer the program, reviewing applications, establishing eligibility criteria, and maintaining the right to approve or deny loans at their discretion. Loan recipients must commit to actively farming the land and will be subject to annual reporting to ensure compliance. The program aims to support young farmers by providing accessible financing while simultaneously preserving agricultural land and preventing urban sprawl.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3183&session=126&summary=B