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Serving: MN

Rural Finance Authority funds available for COVID-19 relief

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EXPANDED RULES: Gov. Tim Walz signed into law a bill that expands the use of Rural Finance Authority funds to disaster losses connected to COVID-19.
Gov. Tim Walz has signed a $330 million COVID-19 relief bill, which includes an RFA provision.

Assistance from the Minnesota Department of Agriculture’s Rural Finance Authority will be available to help farmers whose operations are affected by the COVID-19 pandemic.

A $330 million Minnesota COVID-19 relief bill Gov. Tim Walz signed into law March 28 contains provisions expanding the use of funding for RFA that was approved earlier this spring, opening up the Disaster Recovery Loan Program for loss of revenue due to human contagious disease.

MDA commissioner Thom Petersen notes that it is important to provide resources to farmers whose businesses are affected by the COVID-19 outbreak.

“We’re thankful the [Minnesota] Legislature authorized these changes to give the RFA greater flexibility in allocating these funds,” he says.

In addition, the Legislature expanded the animal diseases covered by the Disaster Recovery Loan Program and opened it up more broadly to hazards, rather than naming them specifically.

Walz recently signed a bill into law allocating $50 million to RFA, replenishing the funds available to offer Minnesota farmers affordable financing and terms and conditions not available from traditional lenders.

Learn more about the assistance offered by the Rural Finance Authority at the Minnesota Department of Agriculture website or call 651-201-6004.

Source: The Minnesota Department of Agriculture, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all of its subsidiaries are not responsible for any of the content contained in this information asset.
TAGS: Legislative
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