LANSING -- Michigan farmers and producers in designated crop damage disaster areas will be able to recieve financial assitance for loan applications under law signed by Governor Snyder today.
The law, which was sponsored by Representative Ray Franz, of Onekama, is the first step toward helping the agriculture industry rebound from the weather conditions that destroyed thousands of acres of farmers' crops this season.
The state law will make those in designated disaster areas eligible for one-percent loans of up to $400,000 for individual farmers, $800,000 for individual processors and handlers, and $1 million for processors with multiple locations. The loans would come from private lenders.
In a press release on Tuesday, Rep. Franz made it clear that "this legislation is not a handout, but a helping hand to ensure resource funds are available if needed to offset this year's devastating blow to Michigan agriculture."
