The financial programs provide assistance with low interest rates which can be used for a variety of initiatives including new farmers, purchasing livestock, expanding facilities, storing grain, manure management projects and value added businesses.
“We have seen a lot of interest across the state in livestock development lately and our financial programs are a perfect fit for these projects. What a great way to diversify your farming operation or allow for a son or daughter to come back to the farm,” said Paul Kostboth, Director of Ag Development for the SD Department of Agriculture.
Some of the financial assistance programs include:
Conservation Tillage Loan – Loans are available for up to 80% of purchase of conservation tillage, grass seeding and harvesting equipment.
Beginning Farmer Bond – A tax-exempt bond to help new farmers get a head start on their farm. The maximum loan amount can be up to $517,000.
Livestock Loan Participation – Up to 50% participation with a lender on a livestock loan for a maximum of $200,000. The term will depend on the kind of livestock purchased.
With a $25.6 billion impact on the state’s economy and helping employ 115,000 residents, agriculture is South Dakota’s top industry.