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FOR IMMEDIATE RELEASE
MEDIA CONTACT:
Mitch Wollin
(651) 296-4272
mitch.wollin@house.mn
News release
REP. NELSON SUPPORTS RURAL FINANCE AUTHORITY LOAN PROGRAM LEGISLATION
ST. PAUL, MN – On Thursday, March 5, the Minnesota House of Representatives overwhelmingly approved bipartisan legislation to allocate $50 million in funding for the Rural Finance Authority (RFA) loan program, which ran out of funds February 21. Among those supporting and voting in favor of the bill was Rep. Nathan Nelson, R-Hinckley.
“I’m happy legislators came together to provide farmers with access to the low-cost financing the RFA provides,” said Rep. Nelson. “Many farmers rely on these critical funds to make decisions for the upcoming planting season as well as to recover from natural disasters. This is a win for farmers across the state and I’m pleased we are taking care of it now.”
The RFA is Minnesota’s main agricultural lending arm and partners with agricultural lenders to provide low-cost financing to farmers on terms and conditions not otherwise available from other credit sources. The RFA portion of the loan is carried at a reduced interest rate to improve the cash flow of eligible farmers. The fund offers loans within the beginning farmer loan and seller assisted program, agricultural improvement program, debt restructuring program, and livestock expansion programs.
The bill now heads to the Minnesota Senate for its approval.
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