Bank of North Dakota Loans Replenish Cattle Herds

For Immediate Release                                                                                                   December 27, 2023

Bank of North Dakota Loans Replenish Cattle Herds

BISMARCK, N.D. – Bank of North Dakota (BND) reports that approximately 16,000 head of cattle were replenished in the state with the assistance of the Livestock Rebuilders Loan Program in 2022 and 2023. It was established to strengthen the livestock industry after the 2021 drought when beef cow numbers decreased by 89,000 head. The program closed June 30, 2023.

The drought created hay shortages, forcing producers to purchase and transport hay from other states. A statewide drought disaster was declared. The Livestock Rebuilders Loan Program was part of a suite of programs rolled out by the state including the Emergency Feed Transportation Assistance Program administered by the North Dakota Department of Agriculture and the Livestock Drought Loan Program administered by BND.

“The state’s response to the 2021 drought is an example of what makes North Dakota so successful,” said members of the Commission in a joint statement. The Commission, consisting of Gov. Doug Burgum as chairman, Attorney General Drew Wrigley, and Agriculture Commissioner Doug Goehring, oversees BND. “We are able to work with key stakeholders who determine needs and state agencies that work together to respond quickly, and that sets us apart from so many others.”

The loan was available for up to a seven-year term with a fixed interest rate of 3.50%.

Local banks and credit unions serve as the loan program conduit for BND programs. For this effort, 32 different financial institutions, and a total of 58 branches within them, accessed the program for their customers. There were 196 loans made for a total loan amount of $26,650,860, of which BND funded $18,549,013.

“Once again, our local financial institutions deserve a great deal of credit for facilitating the disaster relief loan for their customers,” stated BND President/CEO Todd Steinwand. “As a local lender, they know their customers better than anyone. They provided valuable input as we developed the terms of the loan, and then applied for the funds on behalf of their customers who qualified.”

The Bank’s mission “to support agriculture, commerce and industry” has not changed since its earliest days in 1919. The Bank of North Dakota is the only state-owned bank in the nation.

For more information: Janel Schmitz BND Communications & Marketing Manager 328.5880

Karen Tyler, Executive Director and Secretary

Reice Haase, Deputy Executive Director

State Capitol, 14th Floor - 600 E Boulevard Ave Dept 405 - Bismarck, ND 58505-0840 %20ktyler@nd.gov">E-Mail: ktyler@nd.gov

Phone: (701) 328-3722

www.nd.gov

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