During a Minnesota House Agriculture Committee hearing, Rural Finance Authority ag finance supervisor Matt McDevitt provided a status report on the drought disaster loans. “Currently, we have about ten applications for $1.2 million and we continue to get inquiries,” said McDevitt. RFA loans typically process within two-to-three months, but the disaster loans timeline is three-to-four weeks. “People need the money sooner rather than later.” The state drought relief can be used for a variety of things, including a feed bill or the cost of hauling water. McDevitt said the state works with local lenders on these disaster loans.
