New loan program verry slowly | Indoescrow.com

Another Bank of North Dakota credit program for agriculturists feeling the squeeze from low ware costs and not very impressive harvest creation is set for a slower than anticipated begin yet authorities see it getting early this year.

"We've seen … 22 credits with the Bank of North Dakota's offer being $8.3 million," Bank of North Dakota President Eric Hardmeyer said. "It's somewhat slower than we had foreseen."

The North Dakota Industrial Commission approved the Bank of North Dakota to start offering another Farm Financial Stability Loan Program starting Dec. 1.

Up to $300 million is accessible for agriculturists statewide who need to recharge their working capital or rebuild existing obligations keeping in mind the end goal to take into account income alleviation.

The system will gone through June 30 or until every one of the assets are loaned. Qualified borrowers must be North Dakota ranchers ready to demonstrate a trade stream lack out 2014 or 2015. Borrowers likewise should demonstrate they can reimburse and have a working credit extension for the 2016 harvest year affirmed.

The Bank of North Dakota is approved to take an interest in up to 75 percent in either advances for animals and hardware or land advances. The advances are topped at $1.5 million for a land advance and $750,000 for animals and hardware credits. |