Rep. Joe Bellino today said a plan to help farmers whose crops were delayed or damaged by this spring’s record-setting rain has been signed into law.
The plan provides $15 million to help private lenders provide low-interest loans to qualified farmers. The state does not provide the loans, so there is no financial risk or liability to the state with this program.
“This spring’s wet weather devastated crops for farmers in southeast Michigan and many other parts of the state,” said Bellino, of Monroe. “These hard-working farmers deserve and need some help, and this loan program will provide it. I’m pleased to see this measure providing financial stability signed into law.”
Michigan had very few days suitable for field work this spring. From May 2018 to May 2019, this year was the wettest 12-month period on record. As a result, only about 63 percent of corn seeds and 43 percent of soybean seeds were planted as of June 12, which means yields will be low. The deadline for full coverage of crop insurance was June 5 for corn and June 15 for soybeans. As a result, many farmers will be facing financial trouble as this crop season continues.
Similar low-interest loan programs were approved for Michigan farmers in 2002 and 2012.