Zero Interest Loans Available for Farmers Affected
by Flooding
Loans
available to farmers in 36 Minnesota counties and one Tribal Nation
St. Paul, MN: Minnesota
farmers affected by the recent flooding can take advantage of a zero-percent
Disaster Loan Program offered by the Minnesota Rural Finance Authority (RFA).
The program helps farmers cover flood clean-up, repair, and replacement costs
not covered by insurance.
The severe summer
storms, which began on June 9, 2018, have caused significant flooding and
damage to farm property in the Red Lake Nation and 36 counties including
Aitkin, Becker, Beltrami, Blue Earth, Brown, Carlton, Cass, Clearwater, Cottonwood,
Faribault, Fillmore, Freeborn, Jackson, Kittson, Lake, Lyon, Mahnomen, Martin,
Mille Lacs, Mower, Murray, Nicollet, Nobles, Pine, Pipestone, Polk, Red Lake,
Redwood, Renville, Rock, Sibley, Stearns, Stevens, St. Louis, Waseca, and
Watonwan.
The loans can be used to help clean up farm operations,
repair or replace farm structures, and 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.
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 RFA participation is limited to 45 percent of the
principal amount up to a maximum of $200,000.
Interested borrowers should contact their lender or call the RFA
at 651-201-6004. More information is
also available on the RFA website at www.mda.state.mn.us/agfinance.
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