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Minnesota farmers encouraged to take advantage of low RFA interest rates

The Minnesota Department of Agriculture is reminding farmers that Rural Finance Authority loans are available at very low interest rates.

Ag Commissioner Thom Petersen says these lower rates mean cheaper money can help farmers cash flow loans at a time when money is tight and every little bit counts.

Minnesota Management and Budget secured favorable rates for government bonds it recently sold, allowing the RFA to cut 1.75 percent off the current rate for five loan categories including livestock expansion, beginning farmer, and agricultural improvement.

The Rural Finance Authority is funded by the legislature and partners with local lenders to provide affordable credit to eligible farmers.