USDA Census of Agriculture data ranks milk from cows as the fourth largest contributor to Minnesota’s agricultural sales, accounting for 9.4 percent of the state’s total agricultural products sold. On average, a Minnesota dairy farm has 200 head of dairy cows and spent $882,160 to produce milk in 2019. This spending generated $1.6 million of economic activity in the state – a significant source for our state!
The effects of COVID-19 have impacted many dairy farmers. First Independent Bank will work to do all we can to support dairy farms in the community. We offer loans to help many aspects of local dairy operations.
Investing in equipment can help improve and strengthen your farming operations. Dairy farm loans can be used to finance equipment if you need to replace or repair vital machinery, upgrade milking stations, or install automatic feeding stations to keep your livestock in optimal working condition.
Supply costs are a considerable expense on most dairy farms. Dairy farm loans can help cover recurring costs and bridge cash flow gaps. Cows need feed, hay, and pasture and often require nutrients, medicine, and veterinary checkups, and additional operation expenses include things like fuel and oil.
Upgrading your dairy farm can help increase your farm’s efficiency, lower your costs, and bring in more revenue over time. If you’d like to expand your business operations, you might use a dairy farm loan to purchase more land, increase your dairy herd, or build a new barn.
At First Independent Bank, our dairy farm loans are designed to match your business's unique needs and opportunities. We’ll make sure you get the right amount of financing with the right terms and guide you through the application process. Our team of loan officers and business bankers understands the dairy industry's unique needs and are passionate about supporting our local economy.
Click here to contact one of our business bankers today.