WASHINGTON — The U.S. Department of Agriculture will begin offering farm ownership microloans, creating a new financing avenue for farmers to buy and improve property.
Now, microloans will also be available to 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. Since its inception, the microloan program has provided more than 16,800 low-interest loans, totaling over $373 million to producers across the country. Seventy percent of loans have gone to new farmers.
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