Can Our Farmers Bank on a Bailout?

May 12 2009, 10:41 AM

Secretary of Agriculture Tom Vilsack has promised more than $250 million in loans to aid farmers and ranchers whose businesses are threatened by the recent closure of New Frontier Bank in Greeley, writes the Northern Colorado Business Report, which reports that the action is meant to aid some 2,500 family farmers with a variety of loans. But, as the Fort Collins Coloradoan notes, the federal funds will "cover only a fraction of the $700 million in credit extended by New Frontier to regional farmers and ranchers, leaving serious concerns for the future of many family farms." And farmers are desperate for the federal money to arrive fast, according to KUNC radio. At a hearing in Brush, farmer Gary Teague of Fort Morgan broke into tears as he told a congressional delegation and Vilsack that he has 30 days to find new financing for his cattle farm or will face liquidation, writes the Greeley Tribune.

Tags: