The USDA is accepting applications for loans to assist producers looking to add value to the commodities they produce. The Value Added Producer Grant Program (VAPG) will award $18 million in loans to farmers across the country.
In a press release Vilsack said, “These grants strengthen rural economies and create jobs by helping farmers and ranchers add value to their agricultural products by using them for planning activities such as feasibility studies, marketing and business plans, or for working capital,” Vilsack said. “This program also supports President Obama’s goal to expand our nation’s renewable energy resources by helping farmers develop renewable energy from agricultural products.”
Applicants may be awarded grants between $100,000 and $300,000. Projects that use existing agriculture products in non-traditional ways should be proposed; the more creative, the better. Any size business can apply for the loans, but small to medium-sized farms have the best chance (those with income less than $700,000 a year).
Those interested can apply via the internet or by mail. Contact your local Farm Service Agency for more information. Electronic applications must be submitted here.
Looking to refinance your farm loan before inflation hits? Farm Loan interest rates starting at 2.99% and terms up to 25 years. See our rate sheet or call 866-929-5585 to speak with a representative.