In a nationwide effort to “flatten the curve” of the COVID-19 pandemic, states are encouraging residents to practice social distancing. These measures have created an enormous financial and logistical strain for millions of businesses across the country. The agricultural industry, for its part, has been struggling to adapt to the rapidly changing social, political, and economic conditions.
As experts in ranch refinancing and ag loans, we understand that the financial implications of this situation are big concerns for farmers. People want to know about the agricultural industry’s prospects for economic survival during the pandemic. And they’re asking about financial assistance programs that are available to farmers.
In this article, we’ll outline everything that you need to know about financial aid for farmers during the COVID-19 pandemic.
What Financial Aid Programs Are Available To Farmers During COVID-19?
As the pandemic continues, countless farmers across the US are desperately seeking financial aid programs that can provide some support. Here are three important programs that you should be aware of:
This program is offered through the Rural Advancement Foundation International (USA chapter). Those who are eligible can receive grants of up to $500 to help cover the costs of COVID-19-related losses.
The American Farmland Trust has introduced this program to provide grants of $1,000 to 1,000 individual applicants.
The federal government has introduced a series of aid packages to help support industries, businesses, and individuals during the pandemic. One of these was a $9.5 billion relief program aimed specifically at supporting producers in the agricultural industry. The allocated funds are specifically intended for those farmers in the agricultural industry who:
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- Produce specialty crops
- Produce livestock or dairy products
- Support and supply local food distribution networks (such as markets and restaurants).
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How Ranch Refinancing Can Help
The economic implications of the pandemic creates some particularly challenging obstacles to farmers who are currently paying off a loan. As markets shrink and consumers cut back on spending, what can farmers do to keep their businesses and livelihoods secure?
In addition to leveraging financial aid programs, securing a ranch refinance is a great way to gain some financial relief. When you refinance through MSF Agriculture, we’ll help you to secure a loan that’ll suit your business and budgeting needs.
Explore Farm & Ranch Refinance Options Today
The experts lenders at MSF Agriculture are standing by to provide farmers with personalized financial solutions during the COVID-19 pandemic. To learn more about farm or ranch refinancing, please contact our office today!