Minnesota farmers are feeling the financial stress of the agricultural industry. The number of farm borrowers has grown by 50 percent in the last fiscal year according to the University of Minnesota.
According to reports 967 farm borrowers have entered state-approved mediation program. This is compared to the 640 in 2008.
Dick Senese, the university’s dean for community vitality and public engagement believes the change is obvious. “Everyone knows what the trends in agriculture are — prices are below the cost of production in dairy and hogs, and the price of feed is going up.”
Food and agriculture are some of the strongest sectors in Minnesota’s economy and legislators developed in a program in the 1980s to protect this industry.
During the farm crisis in the 80s, Minnesota Legislature created a program to help Minnesota farm borrowers facing forclosure. This program gives borrowers 90-days to renegotiate, restructure and resolve debts. Only one third of farmers in this situation go for assistance, and many do not know it exists.
Are you in the market for a farm loan? Contact Farm Plus today. Low-rate farm loans are available today! Call 866-929-5585 or visit our website for more information.