House plan helps farmers
LANSING – The Michigan House this week approved a plan to help farmers whose crops have been delayed or damaged by this spring’s record-setting rain.
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.