Minnesota farmers affected by the recent flooding can take advantage of a 0% Disaster Loan Program offered by the Minnesota Rural Finance Authority (RFA). The program helps farmers cover flood clean-up, repair, and replacement costs not covered by insurance.
The severe summer storms, which began on June 9, 2018, have caused significant flooding and damage to farm property in the Red Lake Nation and 36 counties including Aitkin, Becker, Beltrami, Blue Earth, Brown, Carlton, Cass, Clearwater, Cottonwood, Faribault, Fillmore, Freeborn, Jackson, Kittson, Lake, Lyon, Mahnomen, Martin, Mille Lacs, Mower, Murray, Nicollet, Nobles, Pine, Pipestone, Polk, Red Lake, Redwood, Renville, Rock, Sibley, Stearns, Stevens, St. Louis, Waseca, and Watonwan.
The loans can be used to help clean up farm operations, repair or replace farm structures, and 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.
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 RFA participation is limited to 45% of the principal amount up to a maximum of $200,000.
Interested borrowers should contact their lender or call the RFA at (651) 201-6004. More information is also available on the RFA website at www.mda.state.mn.us/agfinance.