Dane County Farm Loan Means More Cows, More Milk
March 08, 2007
A northwest Dane County family dairy farm will add cows, milk production and jobs thanks to state/county loan worth $50,000 that ensures the continued success of the operation.
“Our farms – just like Sweetwater Farms in the Town of Dane – are among our valuable county assets key to our economy and our heritage,” Dane County Executive Kathleen Falk said. “This loan package is another example of how the state and county can partner to make sure our farms survive and thrive.”
Added State Commerce Secretary Mary Burke: ”I’m pleased that we could help Sweetwater Farms expand and build our state’s milk supply.”
Sweetwater Farms, owned and operated by two families, turned to the state’s Milk Volume Production Program when they determined they needed to boost their dairy herd by at least 100 to stay viable. The State teamed with Dane County to provide $50,000 in loans to help purchase 100 cows, increasing their herd from 350 to 450. The expanded operation also allows Sweetwater operators to add four jobs.
Under the program, the $50,000 loan is provided under a seven-year term with an interest rate of four percent. Payments are deferred the first year, interest only the second year and amortized for the remainder of the seven years.
The milk volume program seeks to boost milk production in Wisconsin, where declining production poses problems for in-state processors.
Dane County’s Economic Revolving Loan Fund, which was paired with the state program to provide the Sweetwater package, makes loans to viable businesses in the county that create jobs. Priority is given to those that add value to agricultural products or increase milk production.
The county also offers the Commercial Revitalization Loan Fund (CRLF), which provides financing for projects that create jobs and improve older commercial districts. Both are available for businesses outside the City of Madison. For more information about the County’s loan funds, contact Steve Steinhoff, Community Development Coordinator, at (608) 266-4270.
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Joanne Haas, Office of the County Executive (608) 267-8823 or cell (608) 669-5606