Gov. Tim Walz has signed into law a bill approved by Minnesota lawmakers allocating $50 million to the Minnesota Department of Agriculture’s Rural Finance Authority, allowing RFA to continue offering eligible Minnesota farmers affordable financing and terms and conditions not offered by other traditional lenders.
Without the investment, many Minnesota farmers would face a credit crunch caused by several years of low commodity prices and rising expenses. RFA loans are particularly important early in the year when Minnesota farmers review their finances and restructure debt ahead of the growing season.
“We’re so pleased that the Legislature understood the urgent need to replenish these funds so we can continue to help beginning farmers and those who want to expand or restructure,” according to MDA commissioner Thom Petersen. “This is money that will come back to help Minnesota farmers again and again in the years to come.”
In addition to helping farmers secure financing, RFA also offers a variety other programs to strengthen Minnesota farm families and communities. These programs are designed to help new farmers purchase land, restructure debt, invest in farm improvements and finance livestock production facilities.
Find more information on RFA and loan programs online, or call 651-201-6004.