(1) Basic program applicant eligibility requirements are:

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

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

(c) 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

(d) 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.