State announces WHEDA loan guarantees to farmers
The Wisconsin Housing and Economic Development Authority has announced that it will offer drought relief assistance to farmers under its Drought Relief Guarantee Program.
The program is a financing product that will provide a 90% guarantee on agricultural loans up to $15,000 for three years. In addition, WHEDA will provide interest reduction payments to lender partners, allowing lower interest rate loans for drought-affected farms.
“After witnessing first-hand the devastation of this drought on Wisconsin farmers, it’s clear they need the kind of help WHEDA can provide,” said Gov. Scott Walker.
Farmers are dealing with severe drought conditions and some now say their 2012 crops have been damaged beyond any help provided by recent rains.
To use the Drought Relief Guarantee Program, eligible farmers must be expected to lose 40% or more of their crops due to drought conditions. Loan proceeds can be used for fertilizer, seed, fuel, pesticides, tillage services, crop insurance, water delivery, and animal feed.
For more information and eligibility requirements about WHEDA’s Drought Relief Guarantee Program, please visit http://www.wheda.com.