Rural Finance Authority paves the way for disaster relief loans – Albert Lea Tribune
Farmers affected by drought can now apply for financing
The Board of Directors of the Rural Finance Authority of the Minnesota Department of Agriculture has determined that there is an emergency in Minnesota due to the drought, making zero-interest loans immediately available to Minnesota farmers whose operations suffer from lack of rain.
“The RFA board members voted unanimously to make these disaster recovery funds available due to the current drought conditions,” Minnesota Agriculture Commissioner Thom Petersen said. “This zero-interest loan program is especially important for farmers whose crops and livestock are suffering from drought and were uninsured or underinsured.”
The disaster recovery loan program can be used to help 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 in contiguous counties are eligible to apply.
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. The interest rates on the RFA portion of the loan are currently set at 0.0%.
You can find more information about the disaster recovery loan on the website of the Minnesota Department of Agriculture.