WHEDA expands dairy loans

Governor Scott Walker has announced that the Wisconsin Housing and Economic Development Authority (WHEDA) will provide amended loan guarantees to dairy farmers and processors with more favorable terms.

Effective immediately, the loan guarantees will help Wisconsin dairy producers and processors access much-needed capital to address current market conditions. The changes will provide more favorable repayment and collateral terms to farmers and increased guarantees for producers at lower fees.

WHEDA loan guarantee changes follow Walker’s request for President Donald J. Trump to address Canada’s decision to unilaterally shut down the market for U.S. ultra-filtered milk. Walker’s appeal comes as a result of many of Wisconsin dairy farms being without buyers for their milk production beginning May 1, 2017.

WHEDA has offered small business loan guarantees since 1983. The loan guarantees reduce financial risk and exposure to lenders while ensuring that farmers and businesses have access to low-cost capital.

“WHEDA is proud to be a part of the solution to Governor Walker’s efforts to help dairy farmers in need of finding processors for their milk supply,” said WHEDA Executive Director Wyman Winston. “With our Small Business Loan Guarantee program, WHEDA will also help Wisconsin-based dairy processors and businesses involved in storing finished goods to expand operations for the influx of milk.”

Effective immediately, eligible dairy farmers will be able to access loan guarantees at more favorable terms than WHEDA’s current agricultural loan guarantees. In addition, qualified dairy processors will have access to an 80 percent loan guarantee up to $750,000. Revolving working capital loans offer an 80 percent loan guarantee up to $200,000. WHEDA’s current small business loan guarantees offer a 50 percent maximum guarantee and slightly higher fees. WHEDA’s expanded loan guarantees will be available to dairy farmers and processors through August 1, 2017.

For more information on WHEDA programs, visit www.wheda.com or call 800-334-6873.


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