The Federal Reserve has cut interest rates to near zero in
response to the COVID-19 pandemic.
Minnesota Soybean Research and Promotion Council CEO Tom Slunecka calls the move a saving grace for some farmers.
“At these times, whenever we’re dipping into the equity of our farms (or) borrowing against the equity of that land just to continue to operate, one percent can mean an awful lot.”
He tells Brownfield the option to refinance will probably depend on the lender and whether the current rate is locked in.
