Rural Finance Authority paves the way for disaster relief loans – Albert Lee Tribune

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Drought Affected Farmers Can Now Apply For Funding

The Minnesota Department of Agriculture’s Rural Finance Board has determined that Minnesota is in a drought emergency, which is causing Minnesota farmers whose businesses are suffering from a lack of rain to be immediately granted zero interest loans.

“RFA board members voted unanimously to provide these funds for disaster recovery due to current drought conditions,” said Minnesota Agriculture Commissioner Tom Petersen. “This interest-free loan program is especially important for farmers whose crops and livestock are suffering from drought and have not been insured or insufficiently insured.”

A disaster recovery loan program can be used to cover lost income or expenses not covered by insurance. These funds can be used to help clean, repair or replace farm buildings, repair or replace septic and water systems, replace seeds, fertilizer (or other crop growing materials), feed or livestock and poultry.

Farmers in Minnesota counties believed to be experiencing severe drought or worse (D2 + by the US Drought Monitor) and adjacent counties are eligible to apply.

Eligible farmers must have received at least 50 percent of their annual gross agricultural income over the past three years and will work through their bank to obtain loans from RFA. The interest rate on the part of the RFA loan is currently set at 0.0%.

For more information on the Disaster Recovery Loan, visit the Minnesota Department of Agriculture website.



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