New Bank of North Dakota farm loan program picks up steam

BISMARCK, N.D. (AP) - A new Bank of North Dakota loan program for farmers has picked up steam, though the full dollar amount available isn’t expected to be used.

Bank of North Dakota President Eric Hardmeyer said Monday that demand for loans in the Farm Financial Stability Loan Program has gone up as farmers plan budgets. Up to $300 million is available for farmers to replenish working capital or restructure debts.

Hardmeyer says officials don’t think they’ll hit $300 million, saying $150 million to $200 million is more likely. The Bismarck Tribune (https://bit.ly/1QQTr03 ) reports nearly 170 loan applications totaling $76 million had been received as of last week.

The Industrial Commission authorized the state-owned bank to begin offering the program Dec. 1. The program runs through June 30 or until funds are exhausted.

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Information from: Bismarck Tribune, https://www.bismarcktribune.com