Missouri has launched the Farm Relief Loan program to help farmers and ranchers impacted by this summer’s drought. Missouri State Treasurer Vivek Malek said the program helps farmers and producers impacted by back-to-back years of hardship.
“Lately farmers in Missouri have been hit by one setback after another,” Malek said at a press conference this week. “The floods in 2019. The pandemic. Skyrocketing inflation costs, enduring diesel, and heavy-handed regulations. Now, we have drought in our state. 107 counties in the state of Missouri, as you can see from the map, are heavily impacted by this drought.”
The MOBUCK$ program will offer reduced interest rates on bank loans for farmers and small businesses that have experienced any level of drought.
“With the farm relief loan program, if eligible farmers impacted or affected by the drought wants to go to the lenders, they can apply for low interest loans,” Malek said. “My office is dedicating $100 million for farm relief program. This is how my office can, in some small way, provide relief to these farmers.”
Malek said all applicants have to do is contact their local bank or Farm Credit Services.
“They will have to put in an application,” he explained. “As long as their loan is below $1 million, which is the cap on this program, the lender can then, in turn, put in an application with the state treasurer’s office, which is an online application. Once we approve it, they will get the loan through their lender at a lower cost.”
State funds will be deposited at banks, serving as collateral, and the borrowers will receive loans at reduced interest rates. Applications will be accepted through October 13, but the deadline could close early if all the funds dry up.
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