State Treasury Department program helps farmers with low-interest loan relief
At the beginning of planting season, farm fields experienced heavy rainfall and flooding. Now, farmers say crops are experiencing drought-like symptoms. Officials say both of these factors could lead to heavy crop losses this year.
To help farmers and growers recover from these conditions, the Michigan Department of Treasury is offering the Agriculture Loan Origination Program to provide low-interest loans to farmers.
According to the department, $15 million is available from the state. Funding for was approved by the Michigan Legislature and signed by Governor Gretchen Whitmer in July.
The Michigan Treasury spokesperson, Ron Leix, said farmers should check to see if their financial institution is participating in the program.
“The state is paying the loan origination fees to reduce the cost of loans, while the financial institutions are assuming the risks associated with providing the loan,” Leix said.
Leix said these loans should help farmers until next year’s planting season.
Farmers who are seeking additional resources can view the Michigan Department of Agriculture and Rural Development’s crop disaster resource list here.