U.S. Sen. Mark Udall says Agriculture Secretary Tom Vilsack has promised to look further into the problems of farmers and ranchers hurt by the failure of New Frontier Bank in Greeley, but there’s no promise of help yet.
Udall, Sen. Michael Bennet and Rep. Betsy Markey, all Colorado Democrats, say the bank’s failure left many northeast Colorado dairy farmers struggling to find new sources of credit at a time when markets are tight.
They sent a letter last month asking Vilsack to consider shifting Colorado Farm Service Agency funds from a guaranteed loan program into one that offers farmers operating loans, so farmers can pay for fertilizer, seed and labor.
Udall says Vilsack’s reaction was polite in a conversation Friday. Udall plans to repeat his request when Vilsack visits northeast Colorado on Monday.
Regulators closed New Frontier Bank on April 10 after the Federal Deposit Insurance Corp. issued a cease and desist order for “unsafe” and “unsound” banking practices. The Associated Press
