Articles > Lower Interest Rates Available to Finance Farmers

Lower Interest Rates Available to Finance Farmers

Sep 09, 2020

Many Rural Finance Authority loans available at lower rates

Many loans available from the Minnesota Department of Agriculture (MDA) Rural Finance Authority (RFA) are now available at even lower interest rates.

Minnesota Management and Budget secured favorable rates for government bonds it recently sold, allowing the RFA to cut 1.75% off its already-favorable rates for five different loan categories: “These lower rates mean cheaper money is available to Minnesota farmers to help them cash flow loans at a time when money is tight and every little bit counts,” Agriculture Commissioner Thom Petersen said. “We hope this can make a difference to their bottom line and position them for success down the road.

The RFA offers low-interest loan programs to farmers for a wide variety of activities. The RFA partners with local lenders to provide affordable credit to eligible farmers. To date, over $270 million has been invested in 2,959 participations by the RFA in these programs.

This spring, the Legislature allocated an additional $50 million to the RFA to replenish its funding so that beginning farmers and those expanding, restructuring, or transferring their operations can continue to take advantage of these rates.

Find out more about the different loan programs available through the RFA by visiting their web page.
 


Lower Interest Rates Available to Finance Farmers

Nov 02, 2020
One of the greatest assets in my opinion is the adaptability of the UFC team in every aspect from adverse COVID working environments to the difficult decisions resulting from a focus on core...
Nov 02, 2020
Safety and quality service is at the forefront of every decision we make at UFC. With this in mind, I am excited to provide you with an update from the energy department.
Nov 02, 2020
What a difference a year makes when it comes to crops. Last year we had huge concerns about the quality of our crops and the long term storage issues that went with it. This year we have exactly...