The North Dakota Industrial Commission approved a second Bank of North Dakota loan program to help the state’s farmers and ranchers cover operating shortfalls and term debt payments, and to restructure existing debt.
The Ag Disaster Relief Loan Program allows up to a 10-year amortization for chattel and up to a 25-year amortization for real estate– both have a 5-year balloon and the first 12 months may be interest-only.
The Livestock Feed Loan Program was previously approved but assists livestock producers purchase feed, pay expenses incurred for remote haying, hauling hay or livestock to a feedlot, pay feedlot fees, and cover the cost of harvesting a cash crop.
Both of these programs address the needs of farmers and ranchers negatively affected by extreme weather conditions in the 2019 year.
The ND Industrial Commission comments on the challenging 2019 it was for both farmers and ranchers in the state and says these programs through BND can help relieve some of the financial stress.
Eric Hardmeyer president of BND says it is their strong partnership with local lender that allows the quick response to a serious issue such as this and hopes these programs provide necessary relief to ND’s ag producers.
More information can be found at www.bnd.nd.gov and ag producers can access this program through their local lender.