Microloans Program Expands

The USDA has announced it will begin to offer farm ownership microloans, creating a new financing avenue for farmers to buy and improve property.

The microloans will be especially helpful to beginning or under-served farmers, U.S. veterans looking for a career in farming, and those who have small and mid-sized farm operations.

The micro loan program, in its third year, has provided more than 16,800 low-interest loans, totaling more than $373 million to producers across the country.

Microloans have helped farmers and ranchers with operating costs, such as feed, fertilizer, tools, fencing, and most importantly, equipment purchases since 2013. Seventy percent of loans have gone to new farmers.

Now, microloans will be available to also help with farmland and building purchases, and soil and water conservation improvements.

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. S