Bill Funds Minnesota Loan Program for Farmers
St. Paul, MN (KROC-AM News) - Governor Mark Dayton today put his signature on a bipartisan bill to assist Minnesota farmers.
The legislation provides $35 million to the Rural Finance Authority, which has not had any funding since December 31st because of the State Legislature and the governor could not agree on a bonding bill last year.
Governor Dayton says the funding will allow the agency to continue offering eligible farmers affordable financing with terms and conditions not offered by traditional lenders.
He says several years of low commodity prices and rising expenses have put many Minnesota farmers at risk of experiencing a credit crunch. The governor also notes the loans are especially important early in the year when farmers review their finances and restructure death ahead of the growing season.