Minnesota State Wire

[ST. PAUL, MN] – Governor Tim Walz May 9, 2023, signed a bill into law providing $50 million for the Rural Finance Authority at the Minnesota Department of Agriculture (MDA) to continue providing agricultural loans. Governor Walz also signed the Omnibus Economic Development Policy bill, which makes minor and technical changes to several programs.

“Minnesota’s farmers and producers feed and fuel our state and country. Minnesota is committed to helping our new and emerging farmers grow and succeed,” said Governor Walz. “These loans will prioritize beginning farmers, helping them get on their feet and started on a path toward success.”

Chapter 32, House File 463 provides $50 million in bonding authority for the Rural Finance Authority (RFA) at MDA to provide agricultural loans. The RFA will prioritize beginning farmer loans, seller-sponsored loans, and agricultural improvement loans with this appropriation. The bill will provide program funds for approximately two to three years for the Beginning Farmer Loan Program, the Seller-Assisted Loan Program, the Agricultural Improvement Program, the Livestock Expansion Loan Program, and the Restructure II Loan Program.

Original source can be found here.