Rep. Beth Griffin of Mattawan announced a plan to help farmers whose crops were devastated 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.
“Families across Southwest Michigan rely on agriculture for their livelihood – and they’re facing a terrible year for many crops,” Griffin said. “I am proud to support a plan providing some financial stability for families in a tough industry that is so important to our state’s economy and way of life.”
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. 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.