A new low-interest loan is available for Missouri farmers and ranchers who have experienced losses in the drought.
State Treasurer Vivek Malek says the Farm Relief Loan Program, part of the MOBUCK$ program, will lower interest rates for loans by 2 to 3 percent and farmers can go into their local bank to apply.
Here’s how it works…
“We’ll put an equal amount of CD from the treasurer’s office against that loan and ask for a lower interest rate on the CD from the bank and a difference of basis points will be transferred to the farmers.”
He says the one-year loan, which can be used for operating expenses, is capped at $1 million per applicant and can be re-financed up to 5 years.
