Governor Walker announces loan guarantees to farmers affected by drought
MADISON (WKOW) -- According to Governor Scott Walker, the Wisconsin Housing and Economic Development Authority (WHEDA) will offer drought relief assistance to all farmers affected by the drought.
WHEDA will begin accepting applications for its Drought Relief Guarantee Program in response to the Governor's declaration of a state of emergency for all 72 Wisconsin counties.
The program is a financing product that will provide a 90 percent guarantee on agricultural loans up to $15,000 for three years. In addition, WHEDA will provide interest reduction payments to lender partners. This will allow for lower interest rate loans for drought-affected farms.
"After witnessing first-hand the devastation of this drought on Wisconsin farmers, it's clear they need the kind of help WHEDA can provide," said Governor Walker. "Agriculture is one of Wisconsin's biggest three economic engines. We need to ensure that we provide this vital industry with the confidence and resources to continue to produce."
"Our state's farmers are enduring severe drought conditions and require the type of immediate support WHEDA can readily make available," said WHEDA Executive Director Wyman Winston. "With our long history of supplying agricultural loans, WHEDA can step up and provide critical relief to ag producers who are essential to the success of our state's economy."
Eligible farmers must be expected to lose 40 percent or more of their crops due to drought conditions to use the Drought Relief Guarantee Program. Loan proceeds can be used for fertilizer, seed, fuel, pesticides, tillage services, crop insurance, water delivery and animal feed.
For more information and eligibility requirements about WHEDA's Drought Relief Guarantee Program, please visit www.wheda.com.
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