• 24Aug

    USDA Press Release No. 0328.11; Contact: Tanya Brown, 202-690-4585

    USDA Makes Funds Available to Meet Urgent Credit Needs of Producers

    WASHINGTON, July 28, 2011 – Agriculture Secretary Tom Vilsack announced today that a high demand for guaranteed farm ownership and direct farm operating funds has prompted USDA to transfer appropriated funds between programs as authorized by law, to meet the urgent credit needs of producers, including beginning and minority farmers and ranchers.

    “Demand is strong for direct operating loans and guaranteed farm ownership loans, while demand for subsidized guaranteed operating loans has stabilized,” said Vilsack. “With these funds, we can help thousands of producers establish and maintain their family farming operations and obtain long-term credit assistance through a commercial lender.”

    The transfer will make an additional $100 million in loan funds available for the direct operating loan program, providing 1,600 small, beginning and minority farmers with resources to establish and maintain their family farming operations. In addition, $400 million in loan funds will be made available for the guaranteed farm ownership loan program giving an additional 1,000 family farmers access to commercial lending backed by USDA. Both programs had run out of funds resulting in a backlog of approved but unfunded loan applications.

    This measure will allow all of the backlogged loans to be funded and provide sufficient funds to meet the needs of new loan applicants for these programs while at the same time leaving sufficient funding for the subsidized guaranteed farm operating loans program to meet the expected demand for fiscal year 2011. Producers needing additional direct operating or longer term guaranteed farm ownership loans funds are encouraged to make application at their local Farm Service Agency office. See http://www.beginningfarmers.org/funding-resources/ to learn more.

  • 20Dec

    Here’s a step-by-step plan for finding the financing you need

    By Elaine Grant, Muddy Dog Media LLC

    EXCERPT: For almost anyone in the business of agriculture, the maze of agricultural loan options can seem daunting. The good news is that there are many options for financing out there, both from commercial lenders and government-backed sources. In order to get an agricultural loan, you’ll need to:

    1. Produce a detailed business plan with cash flow forecasts and marketing information
    2. Compare lending terms from commercial banks and Farm Credit Associations
    3. Seek out state-funded agricultural loans
    4. Determine whether you qualify for loans from the U.S. Department of Agriculture (USDA) or other federal government sources

    FULL ARTICLE: http://www.business.com/guides/obtaining-agricultural-loans-869/

  • 08Sep

    USDA Press Release No. 0438.10

    Contact: Tanya Brown (202) 690-4585

    WASHINGTON, Sept. 2, 2010 — Agriculture Secretary Tom Vilsack today announced the launch of a Conservation Loan (CL) program that will provide farm owners and farm-related business operators access to credit to implement conservation techniques that will conserve natural resources.

    “This will give farmers who want to implement conservation measures on their lands a chance to do so by providing assistance with their up-front costs,” said Vilsack. “In return, these producers will help to reduce soil erosion, improve water quality and promote sustainable and organic agricultural practices.” Read more »

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