North Dakota launching farm loans for storm recovery
FARGO — North Dakota Gov. Kelly Armstrong on Tuesday said the state didn't need to collect a lot of data to realize that farmers have an urgent need for grain storage after storms swept across the state last month.
The state has responded with a program to help farmers pay for temporary storage through low-interest loans and repair and replace damaged farm assets such as barns, irrigation systems, bins and grain-handling equipment.
He called the program an area 'where the state could do the most good, the fastest,' Armstrong said in a press conference at North Dakota State University.
Storm impact on North Dakota agriculture 'tremendous,' ag commissioner says
Farmers can apply for the Grain Storage and Facility Rebuilder Program starting July 9 by contacting their banker.
Farmers can get up to a $150,000 loan for temporary storage.
The repair and rebuild program will take into account insurance settlements from the storm.
If the cost of rebuilding exceeds the insurance payment by 25% of the farmer's net worth or $500,000 (whichever is less) collateral may be required.
Both loan options have a maximum term of 24 months at an interest rate of 2% while requiring an annual interest-only payment. All remaining principal and interest will be due when the loan matures.
The program will be paid for with up to $37 million from the state's emergency fund and will be administered by the Bank of North Dakota.
The Bank of North Dakota will also coordinate directly with grain elevators impacted by storms.
'We wanted this to be as flexible as possible,' Armstrong said.
More information on the program from BND can be found at bnd.nd.gov/gsfr.
High winds and tornadoes on June 20-21 damaged property and crops from near Bismarck across the eastern half of the state and into Minnesota. Four people were killed by the storms.
Steve Johnson, a farmer from Page, northwest of Fargo, joined Armstong Tuesday in announcing the loan program.
He had storage for 400,000 bushels of grain. After the storm, he has zero.
The storms hit with corn and soybean harvest about two months away. Small grains, such as wheat, will be harvested even sooner.
North Dakota State University Extension is gathering data on storm damage to agriculture with more than 100 responses so far. Miranda Meehan, the disaster education coordinator for Extension, said Tuesday that data will be aggregated and reported at the county level, with no information collected that would identify an individual farm.
Armstrong declared a statewide disaster after the storms.
Tuesday, he encouraged all farmers with damage to talk with their banker about the state program as a first step in recovery from storms.
He said he has been in contact with Agriculture Secretary Brooke Rollins about federal assistance but said the state needs to compile more information.
He said he told Rollins, 'I don't know what I am asking for yet but you're going to get an ask.'
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