Storm Damage Triggers Loans for Farmers
ST. PAUL -- Farmers may be eligible for zero-interest loans to recover from this spring’s storms.
The Minnesota Department of Agriculture’s Rural Finance Authority Board has determined an emergency exists in parts of Minnesota, making zero-interest loans available to farmers.
According to a news release from the MDA, an emergency has been declared in Aitkin, Becker, Beltrami, Benton, Big Stone, Brown, Carlton, Chippewa, Chisago, Clay, Clearwater, Cook, Cottonwood, Douglas, Faribault, Grant, Isanti, Jackson, Kanabec, Kandiyohi, Kittson, Koochiching, Lac Qui Parle, Lake, Lake of the Woods, Lincoln, Lyon, Mahnomen, Marshall, Meeker, Morrison, Murray, Nobles, Norman, Otter Tail, Pennington, Pine, Pipestone, Polk, Pope, Red lake, Renville, Rock, Roseau, Saint Louis, Sherburne, Stearns, Steele, Stevens, Swift, Todd, Traverse, Wadena, Wilkin, Yellow Medicine and adjacent counties.
The Discover Recovery Loan program can help producers recover lost revenue or fund expenses not covered by insurance. Money can be used for physical property damage and the death of livestock due to heavy rains and high winds this spring.
To qualify for the program, farmers must have received at least 50% of their annual gross income from farming for the past three years. Qualifying farmers can access the loan program through their local ag lender.