By Scout Nelson
The Bank of North Dakota is introducing two new loan programs to support farmers who are struggling with factors beyond their control. These programs are approved by the state Industrial Commission, which oversees the Bank. State leaders say the past year has been especially difficult for many producers, with economic and weather challenges affecting crops, storage, and market confidence.
Governor Kelly Armstrong chairs the Commission. He said it has been a tough year for agriculture.
"Commodity prices are down. Input costs are up," Armstrong told reporters. "High winds and tornadoes destroyed storage and hurt crops across the state. Market uncertainties due to trade disruptions and unjustified retaliatory tariffs."
Armstrong said ag is still the foundation of every community in the state.
"In these uncertain times, we need to help stabilize the foundation the best we can," Armstrong said.
To help ease stress and maintain stability, the state is launching two programs: the Farm Stability Loan Program and the Grain Inventory Loan Program. The Bank of North Dakota will work with local banks to offer these loans, giving producers easier access to financial support.
The Bank has dedicated $300 million for the stability program and $100 million for the grain inventory program. These funds are designed to help farmers manage cash flow, cover losses, and maintain their operations during unpredictable conditions.
"There is so much stress out there, with the unknowns that exist right now," said Agriculture Commissioner Doug Goehring. "We're not really sure what's going to happen with exports."
Both loan programs will be available starting December 9. State officials hope they will help stabilize the agricultural economy and give farmers the tools they need to move forward with confidence.
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Categories: North Dakota, Government & Policy, Weather