North Dakota's Industrial Commission has approved allocating additional loan money for farmers and laid off federal workers.
The Commission approved allocating an additional $100 million to the Bank of North Dakota’s Farm Financial Stability Loan Program. That brings the total program to $500 million. The program is
designed for ag producers who have had an operating shortfall in 2024 and 2025.
Bank of North Dakota President Don Morgan told the Commission there are basically four “stressors” in the ag industry.
"Number one is, of course, the prolonged period of several operating cycles with depressed prices," Morgan said. "On top of that, we have record inflation, which affects input costs. It has slowed, but the input costs are still up, so their margins are squeezed. And they have historic storms that have come through parts of the state. And they have had the interest rate shock environment, that has held on longer than we expected."
Ag producers need to contact their local lenders, who will handle the application process. The producers have until June 30th to apply.
The Commission also has reopened a short term, low interest loan program for North Dakotans who are furloughed federal employees who work for the Department of Homeland Security.
This would include those who work for the Transportation Security Administration and for Customs and Border Protection.
The program provides loans of up to three months at two percent interest. The state owned Bank of North Dakota is partnering with local lenders in this bridge loan program.
"This isn't about a government shutdown," said Agriculture Commissioner Doug Goehring, a Commmission member. "This is about a lack of funding for DHS. I appreciate that we're moving forward. It's just a big security issue."
The loan application period opens March 19th. It will end when Congress passes a funding bill for DHS.
