Lower interest rate announced on S.D. livestock loan program
January 30, 2014
The South Dakota Department of Agriculture (SDDA) announces a rate reduction on the existing Livestock Loan Participation Program for producers located in a South Dakota federally disaster designated county due to the Atlas Blizzard.
Applicants in eligible counties can receive a lowered interest rate of 2.75 percent if the applicant is at least 18 years old and has 60 percent of their gross income from farming and ranching or farming and ranching labor. This rate is available on applications received before Dec. 31, 2014. Producers not located in an eligible county can apply for the currently fixed interest rate of 4 percent.
Eligible counties include Bennett, Butte, Campbell, Corson, Custer, Dewey, Fall River, Haakon, Harding, Jackson, Jones, Lawrence, Lyman, Meade, Mellette, Pennington, Perkins, Potter, Shannon, Stanley, Sully, Todd, Tripp, Walworth and Ziebach.
"We recognize the devastation Atlas Blizzard had on our ranchers," said Secretary of Agriculture Lucas Lentsch. "The Department can work within state rules and statutes to lower the interest rates even further for our producers while providing some comfort to their bankers with long-term low interest financing."
The Department's financial programs partner with lenders across the state to provide borrowers with lower interest rates. Loan programs are available for all South Dakota farmers and ranchers that qualify for the program. Producers do not have to be turned down by their lender in order to qualify.
"The Department partners with your local bank to provide financing, encouraging you to maintain your lender relationship," said Terri LaBrie, SDDA finance program administrator. "Programs are available for livestock purchase, facility expansion, grain storage and value-added projects just to name a few."
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A quick reference sheet on the enhanced Livestock Loan Participation Program can be found at http://sdda.sd.gov/legacydocs/AgDevelopment/FinancePrograms/Enhanced%20Livestock%20Loan%20Participation%20Program-Atlas%20Blizzard.pdf
For details on all financial programs offered through SDDA, contact Terri LaBrie, finance administrator at 605.773.4026 or visit the website at http://sdda.sd.gov/finance/. F
–S.D. Department of Ag