From the USDA:
U.S. Department of Agriculture (USDA) will begin offering farm ownership
microloans, creating a new financing avenue for farmers to buy and
These microloans will be especially helpful to
beginning or underserved farmers, U.S. veterans looking for a career in
farming, and those who have small and mid-sized farming operations.
producers, especially new and underserved farmers, tell us that access
to land is one of the biggest challenges they face in establishing and
growing their own farming operation,” said Agriculture Deputy Secretary Krysta Harden. “USDA is making it
easier for new farmers to hit the ground running and get access to the
land that they need to establish their farms or improve their property.”
microloan program, which celebrates its third anniversary this week,
has been hugely successful, providing more than 16,800 low-interest
loans, totaling over $373 million to producers across the country.
Microloans have helped farmers and ranchers with operating costs, such
as feed, fertilizer, tools, fencing, equipment, and living expenses
since 2013. Seventy percent of loans have gone to new farmers.
microloans will be available to also help with farm land and building
purchases, and soil and water conservation improvements. Farm Service Agency designed
the expanded program to simplify the application process, expand
eligibility requirements and expedite smaller real estate loans to help
farmers strengthen their operations.
Microloans provide up to $50,000 to
qualified producers, and can be issued to the applicant directly from
the USDA Farm Service Agency (FSA).
This microloan announcement is another USDA resource for America’s farmers and ranchers to utilize, especially as new and beginning farmers and ranchers look for the assistance they need to get started.
To learn more about the FSA microloan program visit www.fsa.usda.gov/microloans or contact your local FSA office.