COVID relief money available to help Minnesota farmers restructure debt
Minnesota farmers can take advantage of COVID relief funds to help restructure debt.
The Legislature has appropriated $175,000 in COVID-19 relief toward a grant program that covers 50 percent of loan guarantee fees on FSA loans.
Loan fees are 1.5 percent of the loan value, and average $3,000 to $5,000 in total.
To be eligible, farmers must have closed on an FSA restructure loan between May 28th and November 9th of this year.
The Minnesota Department of Agriculture says preference will be given to farmers currently in mediation, or who have recently received a mediation notice.
Their net worth also must be below $800,000 to be eligible for the assistance.