Bank of North Dakota Planning Debt Refinancing Program to Help Ag Producers

(Photo by Lora Wobbema/For the North Dakota Monitor)

(North Dakota Monitor) – The Bank of North Dakota is developing a disaster relief program to help agricultural producers in the state survive the current crisis in the industry.

The program will work with local banks and credit unions across the state to help ag producers refinance their debt, state officials said during a North Dakota Industrial Commission meeting Monday.

“We’re looking at a very sizable ag disaster program given what’s going on with interest rates still high, soybean market, low commodity prices, high input costs from the compound of inflation,” said Don Morgan, CEO of the Bank of North Dakota. “We’re hearing from our banks that agriculture producers are under a lot of stress.”

The goal is to create a program that will help farmers and ranchers in the state regardless of whether a federal relief program materializes later this year.

Morgan said they’ve had conversations with local banks and have come to the conclusion ag producers are going to be in a tough situation even if federal relief is approved by Congress.