The Bank of North Dakota has a new feed loan program to help you cover the cost of feed as you deal with the effects of extreme weather on their operations.

The Livestock Feed Loan Program will assist active North Dakota livestock producers anticipating an expected shortfall in the amount of feed needed to sustain existing breeding and backgrounding livestock operations due to the extreme weather conditions.

The loan may be used to purchase feed; to pay expenses incurred for remote haying, hauling hay or hauling livestock to a feedlot; to pay feedlot fees; and to cover the cost of harvesting cash crops.

“As we travel the state we continue to hear about the needs of farmers and ranchers who have had to deal with floods, droughts and extremely wet weather conditions in 2019,” said the Industrial Commission directors in a joint statement. The Bank of North Dakota is overseen by the Industrial Commission, which consists of Gov. Doug Burgum as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring. “When difficult circumstances impact the agriculture industry, North Dakotans are fortunate to have the Bank of North Dakota partner with local financial institutions to provide loan assistance.”

In developing this program BND staff held meetings with stakeholders including trade associations, livestock producers, farmers, bankers and state agencies to determine needs.

“This is the first step in assisting with an immediate need for livestock producers,” stated Eric Hardmeyer, BND president. “We expect to announce more support for the state’s farmers in January but are assessing the exact needs with our partners before announcing that program.”

Livestock producers can access the program by working with their local lender. Loans will be made at a fixed rate of 3.75% APR. More detailed information is available at bnd.nd.gov.

Source: North Dakota Industrial Commission, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.