The state agriculture department is loosening some of its purse strings to help farmers get through some tough times, high costs, and low market prices.
The department and the Missouri Agriculture and Small Business Development Authority are changing a rule to underwrite loans for agricultural industries. The new program is especially aimed at dairy and pork producers. The changes would let the authority guarantee half of loans of as much as 250-thousand dollars to producers
State agriculture director Jon Hagler thinks the loans will tide producers over until market conditions change. This change expands the program to underwrite loans for operating capitol and loans to support refinancing.
Hagler says, “Sometimes (producers) have a check coming, in particularly in the dairy industry…It’s just not the size it needs to being order for them to make the ends meet…If we can allow them an option where they can refinance there is a a possibility they could actually make it until the price rises above the cost of production.”
The program goes into effect next Monday. It’s open to all sizes of operations, from small family farmers to CAFOs–the large confined animal feeding operations.
Link to the department’s website for more information: www. mda.mo.gov
Or call 573-751-2129