Approximately 16,000 head of cattle were replenished in North Dakota, because of a special loan program in 2022 and 2023.
The program is called the "Livestock Rebuilders Loan Program." It was through the Bank of North Dakota and local lenders.
"Back in 2021, we had a really severe drought across the state," said BND President and CEO Todd Steinwand. "Many of our livestock producers were forced to sell down their herds, because of lack of feed."
Steinwand said the bank got together with key stakeholders to see if there was something they could do to help the ranchers replenish their herds, after the drought.
"The program allowed the livestock producers some certainty, knowing that if they sold down their herd, there was some financing available — with favorable terms — that they knew was going to be available to them, once they knew they had an adequate feed supply," Steinwand said. "They could then work with their local institutions, and make this additional debt, and purchase some of the cattle back that they were forced to sell."
Steinwand said 32 different financial institutions accessed that program for their customers. The loans were available for up to a seven-year term, at 3.5 percent interest. He said 196 producers used the program.
