Eligible drought-affected farmers can apply for zero-interest loans

0


(KNSI) – Farmers in central Minnesota affected by the ongoing drought can apply for interest-free loans.

The board of directors of the Rural Finance Authority (RFA) of the Minnesota Department of Agriculture has certified that there is an emergency in Minnesota due to the drought, making zero-interest loans immediately available to farmers. Minnesota farmers whose operations are suffering from lack of rain.

The disaster recovery loan program is designed to help farmers cover lost income or expenses not covered by insurance.

Funds can be used to help clean, repair or replace farm buildings, repair or replace septic tanks and water supply systems, replace seeds, fertilizers (or other farm inputs), feed for animals or livestock and poultry.

Farmers in Minnesota counties considered to be in severe drought or worse (D2 + on the US Drought Monitor designation) and contiguous counties are eligible, including Stearns, Benton, Sherburne, Wright and Morrison County.

Eligible farmers must have received at least 50 percent of their annual gross income from farming in the past three years and will work through their bank to secure loans from the FRG.

For more information on the Disaster Recovery Loan Program, Click here.

___

Copyright 2021 Leighton Enterprises, Inc. All rights reserved. This material may not be broadcast, published, redistributed or rewritten in any way without consent.


Leave A Reply

Your email address will not be published.