Beginning Farmer Loan Program Expanded

As written in the 2008 Farm Bill, new farmers can take out a larger loan under the Beginning Farmer Loan Program, Brownfield reports.   The maximum loan available has been raised by $200 thousand.  The program works by providing tax exempt bonds to participating banks, allowing them to reduce interest rates by up to 2%.  The Beginning Farmer Loan Program was started in 1985.

In Missouri alone more than 250 beginning farmers have participated in the program, borrowing more than $30 million.