Options are available for producers and agribusinesses
By Diego Flammini, Farms.com
The South Dakota Department of Agriculture is reminding farmers, ranchers and agribusinesses that there is financial assistance available, designed to help them continue to do what they do best – feed the families of South Dakota.
The financial programs provide assistance with low interest rates which can be used for a variety of initiatives including new farmers, purchasing livestock, expanding facilities, storing grain, manure management projects and value added businesses.
“We have seen a lot of interest across the state in livestock development lately and our financial programs are a perfect fit for these projects. What a great way to diversify your farming operation or allow for a son or daughter to come back to the farm,” said Paul Kostboth, Director of Ag Development for the SD Department of Agriculture.
Some of the financial assistance programs include:
Conservation Tillage Loan – Loans are available for up to 80% of purchase of conservation tillage, grass seeding and harvesting equipment.
Beginning Farmer Bond – A tax-exempt bond to help new farmers get a head start on their farm. The maximum loan amount can be up to $517,000.
Livestock Loan Participation – Up to 50% participation with a lender on a livestock loan for a maximum of $200,000. The term will depend on the kind of livestock purchased.
With a $25.6 billion impact on the state’s economy and helping employ 115,000 residents, agriculture is South Dakota’s top industry.