Reminder: Microloans for Beginning Farmers
Beginning farmers (or aspiring beginning farmers) and small farmers take note: in January 2013, the U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) established a new Microloan program. The Michigan State University Cooperative Extension Service recently released this article reminding farmers to consider this funding opportunity.
The new microloan program is designed to help small and family operations, beginning and socially disadvantaged farmers secure loans less than $35,000. The program provides a simplified application process compared to traditional farm loans, and it helps producers through their start-up years. These loans may be used for the following
- Livestock and feed
- Farm equipment
- Fuel, farm chemicals, insurance and other operating costs, including family living expenses
- Minor improvements or repairs to buildings
- Refinance certain farm-related debts, excluding real estate
For more information about these micoloans, please visit the Michigan State University Extension article noted above, or the Farm Service Agency microloan page.
For additional information about funding resources for beginning farmers, please visit the beginningfarmers.org funding resources page.