Bank of North Dakota rolling out disaster loan program for ice jam flooding in NW ND
The Bank of North Dakota is rolling out a disaster assistance loan program for farmers and homeowners affected by ice jam flooding on the Yellowstone River in northwest North Dakota.
Bank president Eric Hardmeyer said a number of homes and farms suffered damage, including damage to farm machinery.
"This thing came up so quickly, farmers were not able to move equipment around," Hardmeyer said." So a lot of significant damage has been done."
Hardmeyer said during the Legislative session that was just completed, the Bank was approached by a number of legislators wondering if the Bank could help.
"We have been through this before, in Minot and other places," Hardmeyer said. "So we devised this program, using the play book from 2011."
Hadmeyer said the Bank has retooled its “Rebuilder’s Loan” program, used in Minot after the flood. That will be for residences. He said $3.75 million will be available through local lenders at one percent interest, with the maximum individual loan amount at $75,000. And Hardmeyer said for farmers and livestock producers, the “AgPACE” program will be made available.