Governor Tim Walz today signed a bill allocating $50 million to the Minnesota Department of Agriculture’s (MDA) Rural Finance Authority (RFA) into law, allowing the 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,” Commissioner Thom Petersen said. “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, the Rural Finance Authority 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.
Minnesota farmers interested in learning more about the assistance offered by the Rural Finance Authority should visit the Minnesota Department of Agriculture website or contact 651-201-6004.
Larry Schumacher, MDA Communications