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State-owned bank launching $300 million loan program for North Dakota farmers
http://www.grandforksherald.com/news/agriculture/3881630-state-owned-bank-launching-300-million-loan-program-north-dakota-farmersNorth Dakota’s state-owned bank is launching a $300 million loan program to aid farmers struggling with low commodity prices and below-average crop production.
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The state Industrial Commission voted Thursday to approve the Bank of North Dakota’s new Farm Financial Stability Loan Program, which was developed over several months with input from bankers and borrowers.
“It’s something that certainly fits within our mission and certainly would be helpful in a very meaningful way to provide some stability, some support to the ag community,” bank President and CEO Eric Hardmeyer said.
To be eligible, farmers must show evidence of a cash flow shortage in 2014 or 2015 and have an approved operating line of credit from a local lender for the 2016 crop year.
The Bank of North Dakota will work with the local lender to restructure the farmer’s current debt with lower interest rates and longer payback periods to help the farm operation stay afloat.
“We’re just trying to get them through” until commodity prices recover, said Bob Humann, the bank’s chief lending officer.