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Disaster loans now available to deal with drought

Eligible drought-affected farmers can now apply for zero-interest financing

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ST. PAUL — The Minnesota Department of Agriculture’s Rural Finance Authority (RFA) Board has determined that an emergency exists in Minnesota due to drought, which makes zero-interest loans available immediately for Minnesota farmers whose operations are suffering from lack of rain.

“This zero-interest loan program is especially important for farmers whose crops and livestock are suffering from the drought and were not insured or were underinsured,” said Minnesota Agriculture Commissioner Thom Petersen.

The Disaster Recovery Loan Program can be used to help cover lost revenue or expenses not covered by insurance. The funds can be used to help clean up, repair or replace farm buildings, repair or replace septic and water systems, replace seed, fertilizer (or other cropping inputs), feed, or livestock and poultry.

Farmers in Minnesota counties considered to be in severe drought or worse (D2+ on the U.S. Drought Monitor’s designation) and in contiguous counties are eligible to apply.

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

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For more information, visit mda.state.mn.us/disasterloan.

Related Topics: AGRICULTUREDROUGHT
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