A new farm loan program for beginning farmers and ranchers has been proposed by the U.S. Department of Agriculture (USDA), and the public is invited to comment through July 23, 2012.
The new microloan program would provide funding up to $35,000 per loan to beginning farmers and ranchers through a simplified and streamlined application process. The farm loans could be used to add resources, build capacity, increase equity and lead to commercial credit.
“As we expand options in agriculture, we’re seeing a new vibrancy across the countryside as younger people—many of whom are now involved in local and regional production—pursue livelihoods in farming, raising food for local consumption,” said Agriculture Secretary Tom Vilsack. “By leveraging USDA’s lending programs for beginning farmers and ranchers and smaller producers, we’re helping to rebuild and revitalize our rural communities.”
In the past three years, USDA has provided $14.6 billion to farmers and ranchers through 103,000 farm loans. To review the proposed microloan program, visit at https://www.federalregister.gov/articles/2012/05/25/2012-12685/microloan-operating-loans.