The North Dakota Industrial Commission has approved the Bank of North Dakota’s 2024 Ag Disaster Relief program, allocating $200 million to assist farmers and ranchers facing financial strain from extreme weather, wildfires, inflation, and volatile commodity prices.
Producers can apply through their local lenders to determine eligibility, with applications open until June 30, 2025.
Loans are available for up to five years at a fixed 5.25% interest rate, intended to cover operating shortfalls and farm expenses for the 2024 cycle.
The program aims to help producers manage financial challenges by addressing 2023-2024 operational shortfalls and 2024 farm payments. However, funds cannot be used to refinance existing debt unless it was from the 2019 Ag Disaster Loan Program.
Photo Credit: Agri-Pulse
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