BISMARCK — The North Dakota Industrial Commission has approved the Bank of North Dakota’s 2024 Ag Disaster Relief Loan Program to assist North Dakota farmers and ranchers statewide who were negatively impacted by extreme weather events, wildfires, inflationary input costs and volatility in commodity prices. The bank has set aside $200 million for the program. Producers may apply through their local lender after working with them to determine if the program is appropriate for the producer’s situation.
The 2024 Ag Disaster Relief Loan Program will provide borrowers with the ability to cover 2023 and/or 2024 operating shortfalls, 2024 farm operating cycle payments as well as the decline in working capital. Additionally, any 2019 Ag Disaster program loan balances may be included in the loan amount for this program. Applications will be accepted through June 30, 2025.
Loans are made for up to a five-year term at a fixed interest rate of 5.25%. Proceeds may be used for operational expenses for farms and ranches with a 2025 approved operating line. Proceeds may not be used to refinance existing debt unless it was for the 2019 Ag Disaster Loan Program.
BND staff held meetings with stakeholders including trade associations, ag producers, bankers and state agencies to determine needs before developing the program. More detailed information is available at www.bnd.nd.gov .
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