FOR IMMEDIATE RELEASE: June 15, 2015
RFA to offer low interest loans for farmers affected by avian influenza
ST. PAUL, Minn. – Minnesota poultry farmers who have suffered losses due to highly pathogenic avian influenza are eligible for disaster loans through the Minnesota Rural Finance Authority (RFA). The RFA has been appropriated $10 million to help producers replace commercial poultry flocks or game (backyard) flocks, make building improvements, and cover the loss of revenue. The RFA will begin accepting applications immediately.
“Minnesota’s poultry farmers have been hit hard by this disease and many will struggle to get back in business,” said Minnesota Agriculture Commissioner Dave Frederickson. “These disaster loans will help them, in part, rebuild their operations and revitalize their industry.”
The RFA Disaster Loan Program is available to farmers through their existing agricultural lenders. The current loan interest rate is zero percent (0%) for up to a period of 10 years. The RFA participation is limited to 45 percent of the principal amount up to a maximum of $200,000.
The RFA partners with local lenders to provide affordable credit to eligible farmers. Loan participations are purchased by the RFA under several programs that assist beginning farmers purchase agricultural land; finance improvements to the farm such as grain handling facilities, machine storage, and manure systems; help farmers reorganize their farm debt to improve cash flow; and, finance new livestock production facilities. Over $209 million has been invested in over 2,800 participations by the RFA in these programs.
Interested borrowers should contact their lender or call RFA at 651-201-6004. More information is also available on the RFA website at http://www.mda.state.mn.us/agfinance.
CONTACT: Margaret Hart, MDA Communications
651-201-6131 / Margaret.email@example.com
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