USDA Expands Microloan Program for Beginning Farmers
USDA microloan program limit to be raised to $50,000 to help beginning and family farmers.
USDA has announced that it is: raising the borrowing limit for its microloan program from $35,000 to $50,000;simplifying the lending processes; updating required “farming experience” to include other valuable experiences; and expanding eligible business entities. The changes take effect on Nov. 7, 2014.
The microloan changes announced today will allow beginning, small and mid-sized farmers to access an additional $15,000 in loans using a simplified application process with up to seven years to repay. These efforts are part of USDA’s continued commitment to small and midsize farming operations, and new and beginning farmers.
To find out more, read the USDA news release.