Missouri launches loan program for farmers affected by drought

JEFFERSON CITY – Missouri State Treasurer Vivek Malek announced Wednesday the state has created a farm relief loan program to provide assistance to producers, farmers and ranchers impacted by severe drought.

The program will provide $100 million in reduced-rate loans to farmers affected by drought. The loans will be available through the state’s MOBUCK$ program, which offers reduced interest rates on bank loans for farmers and small businesses.  

“It has been one thing after another for Missouri’s farmers and ranchers. The flooding in 2019, COVID, and now this drought. Most of the time, farmers just need government to get off their back. Today, I am proud to announce that help is on the way,” Malek said in a press release.

Applications for the farm relief loan will be accepted until Oct. 13, or earlier if demand exhausts funds, according to the release. Eligibility requires residency in counties outlined in Gov. Mike Parson’s drought executive order, or in counties entering moderate, or worse, drought status. 

Loans will have a one-year term and can be renewed annually up to five years. 

The application portal and additional information on the program can be found online.