MI HB4234

Appropriates $15,000,000 from the state general fund for the qualified agricultural loan origination program administered by the Department of Treasury for fiscal year ending September 30, 2019.

Designated as a work project appropriation with unencumbered or unallotted funds carried forward into succeeding fiscal years.

Funds provide financial assistance to the agricultural sector to alleviate financial distress caused by crop loss, damage, or related economic impacts.

Payments made to qualified financial institutions cover qualified agricultural loan origination fees and administrative costs incurred by those institutions.

Project estimated completion cost is $15,000,000 with tentative completion date of September 30, 2023; effective immediately upon governor approval on July 8, 2019.