Bank of North Dakota Plans Farm Loan Program Amid Financial Stress

The Bank of North Dakota is developing a new loan assistance program to support farmers facing severe financial stress due to low commodity prices, high interest rates, and inflation. Modeled after a successful 2019 initiative, the program aims to allow banks and credit unions to restructure agricultural debt at below-market rates with easier repayment terms. The bank plans to present the finalized program for approval in late 2025, targeting rollout ahead of the 2026 agricultural loan renewal season. State leaders, including Governor Kelly Armstrong and Agriculture Commissioner Doug Goehring, have indicated that additional legislative relief may be considered, especially with a possible special session in early 2026. The program's development is occurring amid broader economic challenges in the agriculture sector, including impacts from tariffs, trade tensions with China, and recent severe weather events. Coordination with potential federal relief efforts remains uncertain due to political factors, underscoring the importance of timely state-level action.