(1)  Basic program applicant eligibility requirements are:

(a)  The beginning farmer/rancher may not have a net worth in excess of $250,000;

(b)  The beginning farmer/rancher must be a minimum of 18 years of age;

(c)  The beginning farmer/rancher must be a resident of Montana at the time the loan is closed;

(d)  The beginning farmer/rancher must have documented, to the satisfaction of the financial institution and the authority, sufficient education, training and experience for the anticipated farming/ranching operations for which the loan is sought; and

(e)  The beginning farmer/rancher must, as a condition of loan closing, demonstrate to the satisfaction of the financial institution and the authority, access to the following as may be needed:  adequate working capital, farm/ranch machinery, livestock and agricultural land.