The Minnesota House Ways and Means Committee has approved the $35 million Rural Finance Authority bill and the proposal is now on the way to the House floor. State Representative Tim Miller says adjustments were made in the funding request. “The original bill was for $20 million. However, after discussing it with the Minnesota Department of Agriculture and stakeholders, we believe the better number is $35 million, which would allow MDA to service farmers for the next couple years.”The RFA loans up to 50 percent of a farm project with private lenders taking on the balance of the loan. The funds are available to restructure loans, ag improvement loans or beginning farmers. The funds currently available in the Rural Finance Authority are expected to be depleted by this summer.
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