A new state program is available for Iowa farmers whose farmland was damaged by flooding. Iowa Governor Kim Reynolds says the USDA is offering loans and other programs to help farmers recover. However, Reynolds says farmers she’s talked with have some concerns with the federal program’s higher interest rates and the loans didn’t offer some of the benefits that other loans would.
Reynolds says the state has launched a new program to alleviate those issues. The Disaster Recovery Farm Program will buy down interest rates by reimbursing interest payments up to $50,000 over 12 months per household on commercial loans used to repair uninsured damage to property.
Farmers can apply for the program online at iowagrants.gov. Reynolds announced the program at a news conference on Thursday where she announce several programs to help Iowans impacted by flooding and severe storms.