Archive for Sunday, May 10, 2009
Loan funds could help farmers in Colorado
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Agriculture Secretary Tom Vilsack's decision to free up more money for operating loans could help farmers searching for credit after the failure of New Frontier Bank in Greeley.
Sens. Michael Bennet and Mark Udall and Rep. Betsy Markey, all Colorado Democrats, urged Vilsack in a letter April 28 to transfer Farm Service Agency money from a guaranteed loan program into one that offers operating loans, so farmers can cover expenses this growing season.
Bennet's office received a letter Friday in which Vilsack said that on April 27, he authorized transferring unused, subsidized guaranteed loan funds to provide $110 million of direct operating loan funds and $143 million of unsubsidized guaranteed loan funds to ease demand for funds nationwide.
Gov. Bill Ritter praised Vilsack's decision Saturday.
"This loan funding will be a much needed boost for many of our smaller operations and family farms - at a critical time when they urgently need resources for the spring planting season," Ritter said.
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