USDA will begin offering farm ownership microloans, creating a new financing avenue for farmers to buy and improve property.
Deputy Agriculture Secretary Krysta Harden announced the microloans that USDA says will be especially helpful to beginning or underserved farmers, U.S. veterans looking for a career in farming, and those who have small and mid-sized farming operations.
The microloan program, which celebrates its third anniversary this week, has provided more than 16,800 low-interest loans, totaling over $373 million to producers across the country.
Microloans have helped farmers and ranchers with operating costs, such as feed, fertilizer, tools, fencing, equipment, and living expenses since 2013.
Seventy percent of loans have gone to new farmers.
Now, microloans will be available also to help with farmland and building purchases, and soil and water conservation improvements.
More information can be found at offices dot USDA dot gov (www.offices.USDA.gov).
