Eligible Drought-Affected Farmers Can Apply For Zero-Interest Loans

(KNSI) – Farmers in Central Minnesota who the ongoing drought has hurt can apply for interest-free loans.

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

The Disaster Recovery Loan Program is designed to help farmers 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 contiguous counties are eligible to apply, including Stearns, Benton, Sherburne, Wright, and Morrison County.

Eligible farmers must have received at least 50 percent 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.

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

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