New law makes $50 million available for agriculture loans

A new law will appropriate $50 million in bond proceeds to fund a popular loan program Minnesota farmers have relied on for more than 30 years.

Sponsored by Rep. Jeanne Poppe (DFL-Austin) and Sen. Torrey Westrom (R-Elbow Lake), the law will fund the Rural Finance Authority, which was established in 1986 and works with local lenders to operate a number of loan programs which farmers can use to deal with financial hardships, make capital improvements or for other kinds of assistance.

Some of the programs include beginning farmer, seller assisted, livestock expansion and farm opportunity loans.

The new law is effective March 18, 2020.

HF2959*/SF3408/CH67

HF2959* / SF3408 / CH67