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Petersen calls for action on RFA and farmer-lender mediation

The commissioner of agriculture in Minnesota is urging state lawmakers to support legislation that can help farmers through difficult financial times.

Thom Petersen says the Rural Finance Authority allows the Department of Agriculture to make loans to farmers.

“We need some more okay on our authority, so we’re seeking $50 million to get that done. And hopefully that gets through, and that’s something we’ve had since the 80’s, We have a great track record, we work with local banks. And that’s needed right now.”

He tells Brownfield farmer-lender mediation sunsets in 2027.

“So we have to roll that sunset. That’s a big piece (we’re) continuing to work on.”

Mediation offers a farmer in debt an opportunity to renegotiate, restructure or resolve farm debt over a 90-day period.