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Walz, Rural Finance Authority clear way for disaster loans

Walz, Rural Finance Authority clear way for disaster loans Photo: KSTP-TV

March 19, 2019 12:09 PM

On Tuesday, the Rural Finance Authority Board issued a Disaster Declaration for Minnesota, making low-interest loans available for Minnesota farmers whose operations suffered barn collapses or other damage due to the record winter snowfall.

Gov. Walz signed the bill Monday after it cleared both the state House and Senate without opposition last week, allowing the RFA to declare a disaster.

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"This zero interest loan program is especially important for farmers who suffered damage from the heavy snowfall and were not insured or were underinsured," Minnesota Agriculture Commissioner Thom Petersen said in a release.

Related: Minnesota Legislature backs disaster loans for barn collapses

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.

You can find more information on the Disaster Recovery Loan here.

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