ST. PAUL, MINN – Farmers facing a credit crunch due to low commodity prices and high costs will have a place to turn – thanks to a $35 million state investment in the Rural Finance Authority. Sen. Kent Eken (DFL-Twin Valley), is a strong supporter of this legislation and was invited to speak alongside Governor Dayton at the bill signing. The cash infusion will help deliver affordable financing to Minnesota’s farmers.
“Passing this bill early was critical to ensure farmers have the financing necessary for spring planting. This bipartisan legislation is not only important for ag communities, it is good for all of Minnesota. Programs like the Rural Finance Authority allow our agricultural producers and family farms to remain competitive, especially given the current downturn in the agriculture economy,” said Sen. Eken.
Without the investment, many Minnesota farmers would face a credit crunch caused by several years of low commodity prices and rising expenses. Rural Finance Authority loans are particularly important early in the year when Minnesota farmers review their finances and restructure debt ahead of the growing season.
In addition to helping farmers secure financing, the Rural Finance Authority also offers a variety other programs to strengthen Minnesota farm families and communities. These programs are designed to help new farmers purchase land, restructure debt, invest in farm improvements, and finance livestock production facilities. Overall, more than $270 million has been invested in Minnesota farm operations since 1986.
Minnesota farmers interested in learning more about the assistance offered by the Rural Finance Authority should visit the Minnesota Department of Agriculture website or contact: 651-201-6004.