Michigan Department of Agriculture and Rural Development Director Jamie Clover Adams is reminding growers, producers, and processors that loans under the Agriculture Loan Origination Program must be completed with lenders by March 31.
The loan program was signed into law last year by Governor Rick Snyder to help the state's food and agriculture industry with historic crop losses caused by unprecedented weather conditions in 2012. Michigan's fruit growing and processing industry were particularly impacted.
The program makes those with qualified losses eligible for 1-percent loans of up to $400,000 for individual farmers; $800,000 for individual processors and handlers; and $1 million for processors with multiple locations. The loans come from private lenders, who will determine eligibility based on the percentage of loss to the producer or processor.
Farmers and handlers interested in taking advantage of the program should contact their lenders soon. Lenders will evaluate loan applications on a first-come-first serve basis and on individual credit criteria. All loans must be closed by March 31.