South Dakota farmers are receiving some relief from the state government, as the Governor’s Office of Economic Development is lowering interest rates for rural development loans.

The rate reductions took effect Oct. 21 and lower the base interest rate to 3.5%. Some qualified beginning farmers and ranchers may be eligible for a 2.5% rate.

The rural development programs provide financing for land, equipment and livestock. GOED hopes the new rates will increase the number of producers who use the programs.

Producers interested in learning more about the programs can visit sdgoed.com.