Farmers across the country are benefitting from a new US Department of Agriculture program designed to offer farmers and rancher small “microloans” that can be used for a variety of purposes.
One of the major issues facing the US farm industry is the difficulty attracting new farmers into the profession. Without young people taking farm jobs, the increasing number of farm retirements could threaten production. Already the average age of American farmers is reaching 60 in some states.
This new microloan program offers farmers small, targeted loans of up to $35,000, with an interest rate of about 1.25 percent.
According to some farm officials, the new program not only cuts down on regulations and paperwork (the application form is only seven pages long), but would also offer farmers a flexible line of credit that could go to a variety of purposes, including seed, equipment, marketing, livestock, or even some infrastructure improvement.
Farm Service Agency field offices have already begun fielding a wide range of inquiries about the new program.
To learn more about agricultural financing opportunities contact a Farm Plus Financial representative by calling 866-929-5585 or by visiting www.farmloans.com.
Follow us on: Twitter
Written by: Justin Ellison / Farm Plus Staff Writer