Many loans available from the Minnesota Department of Agriculture Rural Finance Authority 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:
- Livestock Expansion Loan – rate reduced from 4.25% to 2.5%
- Restructure II Loan – rate reduced from 4.25% to 2.5%
- Agricultural Improvement Loan – rate reduced from 4% to 2.25%
- Beginning Farmer Loan – rate reduced from 3.75% to 2%
- Seller Assisted Loan – rate reduced from 3.75% to 2%
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.
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