Low Interest Loan Opportunity for Michigan Farmers

Are you a farmer or non-profit organization interested in expanding your current operation? Through a partnership between the Michigan Economic Development Corporation; the Michigan Department of Agriculture and Rural Development; and Michigan State University, low interest loans are now available to Michigan farmers and non-profit (501(c)) organizations.

Funds are targeted for passive solar systems (PSS) (e.g. high tunnel/hoophouse structures). PSS can be used to grow produce year-round in Michigan without additional heat or light and provide a revenue source for farmers during the winter months. Technical assistance is being provided by the Michigan State University Student Organic Farm.

Loan terms are set at 4% fixed interest for six years with interest-only payments for the first six months. There is no penalty for early repayment. Loan amounts for PSS for this program can range from $5,000 to $15,000. Loan funds are eligible to cover materials, supplies and equipment costs for PSS.

Applications are being reviewed on an ongoing basis and are available for download at: www.michiganadvantage.org/PSS. For more information please contact Terri Novak: novakt@michigan.gov or 517.930.3170.