ST. PAUL — Minnesota’s Rural Finance Authority Board on Tuesday, March 19, issued a disaster declaration for the state of Minnesota that makes low interest loans available for Minnesota farmers whose operations suffered barn collapses or other damage due to the record winter snowfall.
The funds are available to farmers for expenses not covered by insurance.
The Disaster Recovery Loan Program can be used to help clean up, repair, or replace farm structures and septic and water systems, as well as replace cropping inputs, feed, and livestock.
The program offers affordable financing to repair existing agricultural buildings to pre-disaster conditions.
Eligible farmers must have received at least 50 percent of their annual gross income from farming for the past three years and will work through their bank to secure the loans from the RFA.
More information on the Disaster Recovery Loan is on the Minnesota Department of Agriculture website.