$50 million from bonds authorized for Rural Finance Authority

A new law appropriates $50 million in bond proceeds to fund a popular loan program Minnesota farmers have relied on for nearly 40 years.

Sponsored by Rep. Samantha Vang (DFL-Brooklyn Center) and Sen. Aric Putnam (DFL-St. Cloud), the law, effective May 9, 2023, will fund the Rural Finance Authority.

Established in 1986, the agency partners with local lenders to operate low-interest loan programs farmers can use to deal with financial hardships, make capital improvements, or for other kinds of assistance. Some of the programs include beginning farmer, loan restructuring, seller-sponsored, agricultural improvement, and livestock expansion.

HF463*/SF548/CH32

HF0463* / SF0548 / CH32