Disaster loans available to area farmers
Published 9:27 pm Thursday, March 21, 2019
The Rural Finance Authority board has issued a disaster declaration for the state of Minnesota, which now makes low interest loans available for Minnesota farmers whose operations suffered barn collapses or other damage due to the record winter snowfall.
Gov. Tim Walz signed a bill allowing the Rural Finance Authority to declare a disaster due to excessive snowfall. The funds are available to farmers for expenses not covered by insurance.
“Gov. Walz and the Rural Finance Authority board members acted quickly to make these disaster recovery funds available,” said Minnesota Agriculture Commissioner Thom Petersen. “This zero interest loan program is especially important for farmers who suffered damage from the heavy snowfall and were not insured or were underinsured.”
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The Disaster Recovery Loan Program can be used to help clean up, repair or replace farm structures and septic and water systems, as well as replace cropping inputs, feed and livestock.
According to the program offers affordable financing to repair existing agricultural buildings to pre-disaster conditions.
Eligible farmers must have received at least 50 percent of their annual gross income from farming for the past three years and will work through their bank to secure the loans from the Rural Finance Authority.
More information on the Disaster Recovery Loan is on the Minnesota Department of Agriculture website at www.mda.state.mn.