Zero interest loans available for flood-affected farmers
ST. PAUL, Minn. – In response to recent flooding, 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 of replacing and repairing damaged or lost items that were not covered by insurance. This includes farmers in Dodge, Rice, Steele and Waseca Counties.
“The heavy rainfall and flooding in our communities has put tremendous pressure on our farmers. These zero interest loans can provide the economic assistance farmers need to begin paying for repairs of their equipment and farmland,” said Sen. Vicki Jensen (DFL-Owatonna). “I encourage people to take advantage of this program, and I will push to ensure state resources continue to be made available for farmers.”
As with other RFA loans, the Disaster Loan program will be available for farmers through their existing agricultural lenders to finance repairs and restoration. Loans can be used to help clean, repair, or replace farm structures and to replace seed, feed, livestock and other crop inputs. They 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.
Interested borrowers should contact their lender or call RFA at 651-201-6004. More information is also available on the RFA website at http://www.mda.state.mn.us/agfinance.
If you have questions or concerns about this or other legislation, please contact Senator Jensen at (651) 296-9457 or at email@example.com.