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Prospects of funding RFA loans in special session

The Minnesota Farmers Union (MFU) is calling on the Legislature to renew a farm loan program they say benefits Minnesota farmers.

MFU director of government relations Thom Petersen says lawmakers could take up a bonding bill in a special session that includes funding for certain Rural Finance Authority (RFA) programs under the ag finance section.

“Including a restructure loan which is very helpful to farmers who are, frankly, facing a hard time right now with the economy.  That fund runs out of money December 31st.”

He tells Brownfield the RFA has instructed banks not to process any more loans.

“Farmers who are looking to maybe improve their farms a little bit use this Rural Finance Authority.  And because the Legislature didn’t reauthorize the selling of bonds for the RFA last session, they’re going to run out (of money).  So that’s something we need them to do either in the special session or right away the first of (2017).”

Governor Dayton has tentatively scheduled December 20^th as the start of the special session, but legislative leaders have yet to confirm that date.