North Dakota coronavirus information, Oct. 18: Farm mortgage limits raised | Well being



Coronavirus needs to know

The latest on coronavirus news from North Dakota: farm loans, tests, and shots.

Farm credit limits

The U.S. Department of Agriculture increased the credit limit for borrowers applying for a guaranteed farm loan from $ 1.776 million to $ 1.825 million effective October 1.

“Farm loans are critical to our customers’ annual operating and living costs, emergency needs and cash flow,” said FSA Administrator Zach Ducheneaux. “The increase in the guaranteed credit limit will enable the FSA to better meet producers’ financial needs as natural disasters and the pandemic continue to affect their operations.”

Due to the spread of the highly contagious Delta variant of the coronavirus, the USDA has also extended the availability of “Disaster Set-Aside” for loan payments due by next January. The government also allows a second set-aside for those who have already taken advantage of it.

The program allows borrowers to postpone their next payment, postpone the due date to the loan maturity date or, in the case of an annual business loan, extend it up to 12 months. A deferred capital amount bears interest until it is repaid.

For more information, visit fsa.usda.gov or contact a local USDA service center.

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