New Microloan Program from USDA to Help Minority, Socially Disadvantaged, and Beginning Farmers

According to The Dispatch, the U.S. Department of Agriculture recently announced a new microloan program to “help small and family operations, beginning and socially disadvantaged farmers secure loans under $35,000.”

The goal is to help producers through their first years with resources and increased equity so that these farmers can eventually qualify for commercial credit. Producers can apply for a maximum of $35,000 with an interest rate for the microloan currently at 1.25 percent charged monthly by contacting their local Farm Service Agency Office.