Officials say a state-sponsored low-interest loan program for farmers has been updated for agriculture's growing needs.
Democratic Treasurer Michael Frerichs says the Ag Invest Program will increase its loan amounts to $400,000 per farmer, and $800,000 per farm operations, at interest rates that are below the market rate. The changes took effect Jan. 1.
The allowable interest rate will increase from 3.5% to 3.75% and the line of credit will be on calendar year instead of fiscal year.
Frerichs says the program is essential to help farmers with operating expenses and capital improvements.
The Ag Invest Program has loaned more than $1-billion in annual and long-term loans since 2008.
