The Minnesota Rural Finance Authority (RFA) has lowered its interest rate on the Disaster Loan program to zero percent to help farmers cover the costs to replace and repair items lost or damaged due to flooding and not covered by insurance.
As with other RFA loans, the Disaster Loan program will be available for farmers through their existing agricultural lenders for financing for these repairs. The loans can be used to help clean up, repair, or replace farm structures and to replace seed, other crop inputs, feed, and livestock. The loan may also be used to repair and restore farm real estate that was damaged by flooding. The RFA participation is limited to 45 percent of the principal amount up to a maximum of $200,000.
The loans will be offered in the following 23 counties that have been declared a disaster by the Governor due to flooding conditions that started September 21, 2016 in Anoka, Blue Earth, Cottonwood, Dodge, Faribault, Freeborn, Goodhue, Hennepin, Houston, Le Sueur, Mower, Nicollet, Olmstead, Ramsey, Rice, Scott, Sibley, Steele, Wabasha, Waseca, Washington, and Winona counties.
“Minnesotans have a proud tradition of coming together to support one another after a disaster,” said Lt. Governor Tina Smith. “Providing zero interest loans to our ag producers will help them recover from severe weather and flooding. I encourage all eligible Minnesota farmers to apply for assistance.”
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