Des Moines, Iowa — Iowa’s Deputy Secretary of Agriculture says there are frustrating and confusing inequities in federal programs meant to support farmers trying to recover from natural disasters.
Grant Menke testified Wednesday before the US Senate Small Business Committee.
Farming operations are not eligible for Small Business Administration loans and Menke says the historic flooding and a record number of tornadoes have created significant challenges for Iowa farmers.
Menke says SBA disaster loans offer lower interest rates and a longer repayment period than the disaster loans farmers have access to through the USDA.
Menke says another frustration is the USDA’s disaster loans have an upper limit that’s less than the maximum loan amount available through the SBA.
