Zero-percent interest loans available for farmers affected by flooding
ST. PAUL — Minnesota farmers affected by the recent flooding can take advantage of a zero-percent Disaster Loan Program offered by the Minnesota Rural Finance Authority (RFA). The program helps farmers cover flood clean-up, repair and replacement costs not covered by insurance.
The severe summer storms, which began June 9, have caused significant flooding and damage to farm property in the Red Lake Nation and 36 counties, including Cottonwood, Jackson, Murray, Nobles, Pipestone and Rock.
The loans can be used to help clean up farm operations, repair or replace farm structures, and replace seed, other crop inputs, feed and livestock. The loan may also be used to repair and restore farm real estate that was damaged by flooding.
As with other RFA loans, the Disaster Loan Program is available for farmers through their existing ag lenders for financing these repairs. The RFA participation is limited to 45 percent of the principal amount, up to a maximum of $200,000.
Interested borrowers should contact their lender or call the RFA at (651) 201-6004. More information is also available on the RFA website at mda.state.mn.us/agfinance.