Minnesota Finance Authority Expands Eligibility (list of counties)



Minnesota Finance Authority Release--

ST. PAUL, Minn. – The Minnesota Rural Finance Authority (RFA) is expanding the eligibility of its zero percent interest rate Disaster Loan program. The loans are now available in 32 counties to help farmers cover the costs to repair and replace items not covered by insurance from flooding that occurred in early July.

The eligibility expansion matches the additional 24 counties that have been added to the federal disaster declaration from July 21st. The complete list now includes Beltrami, Blue Earth, Brown, Carver, Chippewa, Dodge, Faribault, Freeborn, Jackson, Koochiching, Lac Qui Parle, Lake of the Woods, Le Sueur, Marshall, Martin, McLeod, Murray, Nicollet, Nobles, Pipestone, Redwood, Renville, Rice, Rock, Roseau, Scott, Sibley, Steele, Todd, Wadena, Waseca, and Yellow Medicine counties.

As with other RFA loans, the Disaster Loan program will be available for farmers through their existing agricultural lenders for financing for these repairs. The loans can be used to help clean up, repair, or replace farm structures and to 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. The RFA participation is limited to 45 percent of the principal amount up to a maximum of $50,000.
The RFA partners with local lenders to provide affordable credit to eligible farmers. Loan participations are purchased by the RFA under several programs that assist beginning farmers purchase agricultural land; finance improvements to the farm such as grain handling facilities, machine storage, and manure systems; help farmers reorganize their farm debt to improve cash flow; and, finance new livestock production facilities. Over $209 million has been invested in over 2,800 participations by the RFA in these programs.

Interested borrowers should contact their lender or call RFA at 651-201-6004. More information is also available on the RFA website at http://www.mda.state.mn.us/agfinance.