State Senator Torrey Westrom of Elbow Lake is carrying a bill through the state legislature to provide $50 million in additional authorization to the Rural Finance Authority. Westrom told the KMRS Legislator’s Corner that the RFA works similarly to giving small business loans to farmers.
“The current RFA, we authorized $35 million two years ago, and that’s running out in the next week or so,” noted Westrom. “And so we want to make sure that is backfilled, so farmers in more of a credit crunch given the ag economy can access this as an option if they can’t get conventional financing.”
Farmers would work through their local banks and lenders in partnership with the RFA, Westrom explained. Legislator’s Corner can be heard Sunday mornings during the 10 o’clock hour on KMRS.