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Committee hears Rural Finance Authority briefing; approves referral of bonding bill for RFA funding
Summary
The House Ag Finance and Policy Committee heard a presentation from the Rural Finance Authority on its loan programs and projected funding shortfall, and Chair Anderson moved House File 770 to the Capital Investment Committee as amended. Committee adopted two technical amendments and referred the bill by voice vote.
The Minnesota House Ag Finance and Policy Committee on Feb. 26 heard a briefing from the Rural Finance Authority and approved sending House File 770 to the Committee on Capital Investment, Chair Anderson said.
Tom Peterson, Commissioner of the Minnesota Department of Agriculture and chair of the Rural Finance Authority (RFA) board, told the committee the RFA operates as “our bank for many different loan programs,” administering about 13 programs that partner with local lenders to provide lower‑interest financing to farmers. “We try to react to things that are really important,” Peterson said, noting the authority’s role in opening a disaster recovery loan window during recent avian influenza outbreaks.
The RFA’s Ag Finance Supervisor, Matt McDevitt, provided program details, telling members the authority has made more than 4,000 loans totaling over $417 million with a cumulative loan‑loss experience of “just under $700,000” (about 24 loans). McDevitt said bond‑funded and revolving accounts finance the programs and that the revolving funds are projected to be exhausted by December 2026…
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