TRAVERSE CITY — The Bank of Northern Michigan is expanding its agricultural loan products.
The bank, with offices in Petoskey and Traverse City, said its now eligible to make Farm Service Agency loans, which can help with starting, expanding or owning a farm.
“The bank assists dairy and livestock, as well as fruit and vegetable growers with access to FSA lending options,” said David Boeve, vice president and business banking officer at the bank.
The Bank of Northern Michigan said in a press release that Michigan’s food and agriculture system grew by 28 percent, or $20 billion, since 2009. Agriculture generates more than $25 billion in economic activity for the state, and Michigan now ranks 19th in the nation for food processing.