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A new Direct Farm Ownership Microloan will now be a part of the U.S. Department of Agriculture’s (USDA) Microloan Program, helping speed the way for farmers to process real estate loans and expenses for new farms.
Credit for farmers is necessary for new farms, just like starting a new small business, access to funding, capital, and loans is necessary to help the business get off the ground.
New loans will be readily available for small operators, as the USDA’s Farm Service Agency (FSA) hopes to offer reduced application requirements, a more timely application for processing loans, and added flexibility for youth loan borrowers.
The smaller loans of $50,000 can be used to finance purchase of a farm, expand operations, construction for improved structures or farm buildings and more.
Having financial assistance through small loans may help budding farmers afford more business opportunities. Allowing new farms to start will ultimately promote healthy foods into new areas of the nation and may help Latino families have more access to healthy foods.
To learn the details about the Microloans and how to apply, click here.
By The Numbers
142
Percent
Expected rise in Latino cancer cases in coming years
