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MDA Loan Program Hits Milestone


Tue, Jun 15th, 2010
Posted in State of Minnesota

ST. PAUL, Minn. - The Minnesota Department of Agriculture (MDA) has completed its 10,000th loan to farmers and rural landowners to help finance practices that prevent pollution. Under the agency's Agricultural Best Management Practices (AgBMP) loan program, farmers and landowners have been able to stop runoff from feedlots, prevent soil erosion, and upgrade home septic systems.



MDA has received a total of $62 million dollars from the US Environmental Protection Agency and the Minnesota Legislature for the AgBMP loan program over the past 15 years. Since that time, the program has issued 10,000 loans, totaling almost $150 million.



Minnesota Agriculture Commissioner Gene Hugoson says the loans have helped farmers and landowners in almost every county of the state.



"The AgBMP loan program has provided a reliable and sustainable source of funds to tackle pollution problems," said Hugoson. "Eligible farmers have used these loans to properly manage manure, to purchase conservation tillage equipment and for virtually any project that reduces water pollution."



Any farmer or rural landowner in Minnesota is eligible to apply for an AgBMP loan. The loans can be up to $100,000, amortized over 10 years, and are typically financed at 3 percent interest. Currently more than 250 lenders and their branch offices statewide are participating in the program.



Media Note: County-by-county data is available online at www.mda.state.mn.us/agbmploans.

MDA will recognize the 10,000th loan recipient at an event Monday, June 21, 2010. See media advisory.

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