Fruit growers and processors in Michigan might get some help in the form of low interest loans if an expected package of bills moves through the legislature.
The loans are aimed at providing relief to those who lost most of their fruit crops after an unusual spring warm spell was followed by extended freezing temperatures.
MLive reports Michigan Department of Agriculture Director Keith Creagh said today the bills would create "five-year low interest loans":
The loans, which will be administered by banks and agricultural lenders, will meet an estimated total economic need of some $300 million in the state’s fruit growing and processing industry, Creagh said while attending the Michigan Food Processing and Agribusiness Summit.
Securing the loan guarantees at a low interest rate of 1 percent or 2 percent could cost the state about $15 million, Creagh said. The 5-year loans would be structured so borrowers would only pay interest in the first two years, he said.
Creagh says he'll also seek federal financial support for Michigan fruit growers and processors.