Missouri State Treasurer announces Farm Relief Loan Program to help farmers facing drought
CAPE GIRARDEAU, Mo. (KFVS) - State Treasurer Vivek Malek has announced the Farm Relief Loan (FRL) program to help farmers in the midst of drought conditions.
In a statement, Malek’s office said this comes as a response to multiple issues, including the 2019 flooding, the COVID-19 pandemic and the current drought.
The MOBUCK$ program offers reduced interest rates of about 30% below the prime rate for farmers and small businesses.
“It has been one thing after another for Missouri’s farmers and ranchers. The flooding in 2019, COVID, and now this drought. Most of the time, farmers just need government to get off their back. Today, I am proud to announce that help is on the way,” Malek said. “The Farm Relief Loan program underscores my commitment to supporting farmers during these very challenging times and aiding them in rebuilding and preserving their way of life.”
The MOBUCK$ deposit limit of $800 million.
The portal to apply was closed temporarily in May after high demand to keep from exceeding the limit.
“We are grateful to Treasurer Malek for opening up the MOBUCK$ Farm Relief Loan Program and allowing farmers impacted by this summer’s drought to participate,” Governor Mike Parson said. “Hay reserves are depleted, and many farmers have been forced to market their livestock early. Despite recent rains, we will continue to feel the effects of drought throughout the coming winter months, but the MOBUCK$ program is another great way we can help support our agriculture communities.”
$100 million will be allocated for Farm Relief Loans.
If you are eligible, you’re encouraged to apply quickly.
To be eligible, you must live in counties outlined in Governor Parson’s Executive Order (EO) 23-05.
Applicants will have to show economic losses caused by the drought conditions.
The loans will have a one-year term and will be renewable for up to five years.
“Missouri’s farmers and ranchers have dealt with numerous challenges in recent years, culminating with arduous drought conditions this spring and summer. The MOBUCK$ Farm Relief Loan Program will provide an opportunity for our state’s farm and ranch operations, and Missouri Farm Bureau is grateful to Treasurer Malek for this assistance to Missouri’s agriculture community.”
If you have further questions or are interested in the program, you can contact your lender or go to the MOBUCK$ website.
The application will close on Friday, October 13, 2023.
Copyright 2023 KFVS. All rights reserved.