There are two new loan programs for drought victims from the Bank of North Dakota that you should know about. They are the:
• Breeding Stock Rebuilding Program. It provides financing to purchase and rebuild breeding stock to average levels pre-drought, using a two-year look-back period to determine the base herd level. This program can also be used to replenish the breeding stock levels by retaining heifer replacements rather than selling them. It cannot be used to increase the number of breeding stock.
• Feed Cost Program. It provides financing for the additional costs associated with feeding breeding stock or maintaining a backgrounding operation. The funds can be used to purchase feed and pay for remote haying, hauling hay, hauling livestock to a feedlot, feedlot fees or harvesting cash crops. This program is not intended to assist with feed costs of an expanding livestock operation.
Fixed and variable interest rates are available. For more interest rate and loan limit information, see bnd.nd.gov.
Borrowers must be North Dakota residents who are livestock producers who operate in counties or adjacent to counties that were designated D2 (severe drought), D3 (extreme drought) or D4 (exceptional drought) at any time in 2017 per the Aug. 1, 2017, U.S. Drought Monitor map.
You can apply for the loans through your lender.
“These programs address not only the short-term needs by assisting with feed costs, but also the long-term need of rebuilding stock,” said North Dakota Gov. Doug Burgum, in a statement released by the North Dakota Industrial Commission, which oversees the state-owned BND. “The state is committed to assisting our farmers and ranchers in maintaining their operations.”
“This is a solid next step in responding to the needs of the agriculture industry to ensure it remains strong,” said North Dakota Agriculture Commissioner Doug Goehring, who also is a member of the Industrial Commission.