Projects submitted for consideration will generally be expected to be completed within two years of entering into an agreement. Funds may not be utilized for paying down current debt, general administrative expenses or for indirect institutional overhead costs. In general, funds will be allocated by the Board for projects in three broad functional categories including:
Funds will be allocated to eligible applicants in the form of a grant to study the feasibility of establishing an agricultural energy-related project. Feasibility studies may address the market for the product, engineering requirements, economic viability, environmental concerns, legal requirements, management, and other necessary study components. The Board has established a maximum allocation of $25,000 per feasibility study project.
Provided that a feasibility study has been previously conducted demonstrating the likely success of the project, application can be made to the Board to assist with the development of the project. Funds can be used to assist with the purchase or lease of equipment, construction costs, and land costs. A maximum funding allocation of $100,000 has been established by the Board for projects and may take the form of a grant, loan, loan guarantee or equity interest.
The Board will consider applications for research of agricultural energy-related topics and issues. Research should be tied to a particular issue or problem and the results of such research must advance the potential for further developing agricultural energy projects in Colorado. Funds are provided in the form of a grant with a maximum allocation of $50,000 per project.