SOUTH DAKOTA DEPARTMENT OF AGRICULTURE
NEWS RELEASE
For Immediate Release: Oct. 13, 2009
Media Contact: Michael Schelske, 605-773-5436
SD Ag Dept. Recognizes Banks for Loan Program Participation
Pierre, S.D. – The South Dakota Department of Agriculture (SDDA) has given awards to several banks for using its Loan and Value Added Finance Authority Bond Programs to help agricultural producers. The awards were given based on the total accumulated dollar amounts of the loans.
Home Federal Bank in Hartford received the Livestock Nutrient Management Bond award. The bond program assists producers with qualifying expenses of a manure management plan. The tax-exempt bonds are issued to local lenders, who then provide producers with capital at interest rates below conventional loans.
Peoples State Bank of De Smet received the Beginning Farmer Bond award. Since the program’s inception, Peoples State Bank has loaned the largest dollar amount of any South Dakota bank. The Beginning Farmer Bond is a tax-exempt bond that enables beginning farmers to acquire land, equipment, and breeding livestock at lower interest rates than conventional loans.
Fishback Financial Corporation/First Bank & Trust received two awards from SDDA for loaning the largest dollar amounts in the Agribusiness Bond program and the Rural Development Loan Participation program.
Financing for land, facilities or equipment is provided by the Agribusiness Bond program for businesses involved in processing agricultural commodities. The Rural Development Loan Participation program also works with local lenders to provide financing for value-added production, processing, marketing or exporting of agricultural products.
For helping to keep agriculture South Dakota’s No. 1 industry, SDDA congratulates the lenders mentioned above and thanks all banks that have participated in its agricultural loan programs.
For additional information on the financial programs offered through SDDA, contact your local lender or Michael Schelske (SHELL’-ski) at 605-773-5436. Program summaries and application forms are available at www.state.sd.us/doa/ag_dev/loan
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