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State approves $15M to help farmers
LANSING — Michigan Gov. Gretchen Whitmer has signed legislation to allocate $15 million to a low-interest loan program to help farmers who face financial losses, because wet weather is making it hard to plant crops.
Whitmer's office announced the signing last week.
The spending covers upfront loan-processing fees and subsidize private lenders, so they can provide 1% interest rates to farmers, processors and others in the agriculture industry.
Eligibility will be determined based on the percentage of loss to the producer or processor.
Michigan has been going through a wet period. Five Michigan counties just were declared federal disaster areas due to agricultural losses.
Similar relief was enacted in 2012, when fruit growers and processors were hit especially hard by an early thaw and late freeze.