The Rural Finance Authority Board issued a Disaster Declaration for the State of Minnesota that now makes low interest loans available for Minnesota farmers whose operations suffered barn collapses or other damage due to the record winter snowfall. Governor Walz signed a bill allowing the RFA to declare a disaster due to excessive snowfall. The funds are available to farmers for expenses not covered by insurance.
“Governor Walz and the RFA board members acted quickly to make these disaster recovery funds available,” said Minnesota Agriculture Commissioner Thom Petersen. “This zero interest loan program is especially important for farmers who suffered damage from the heavy snowfall and were not insured or were underinsured.”
The Disaster Recovery Loan Program can be used to help clean up, repair, or replace farm structures and septic and water systems, as well as replace cropping inputs, feed, and livestock.
The program offers affordable financing to repair existing agricultural buildings to pre-disaster conditions. 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.
More information on the Disaster Recovery Loan is on the Minnesota Department of Agriculture website.