The plan would help private lenders provide low-interest loans to qualified farmers at no financial risk to the state.

“This spring has been one of the rainiest on record and crop farmers, processers and other agriculture-related businesses in the Upper Peninsula have been devastated,” said state Rep. Beau LaFave, R-Iron Mountain. “This program will help stabilize the finances of Michigan’s second-largest economic industry.”

House Bill 4234 provides $15 million to help private lenders run the loan program and keep interest rates low for farmers.

Similar low-interest loan programs were approved for Michigan farmers in 2002 and 2012.

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