Microloans for small family farms
On May 23, 2012, the U.S. Department of Agriculture (USDA) announced that it is creating a new loan program that will offer loans for $35,000 or less. The loan program is best suited for small family farms, which tend to be dedicated to organic agriculture. It will help farmers avoid their reliance on high-interest credit cards bank loans. The USDA states that this expansion of credit options will help a new generation of farmers in what they report as “the most productive period in history for American agriculture”.
Agriculture Secretary Tom Vilsack said “leveraging USDA’s lending programs for beginning farmers and ranchers and smaller producers, we’re helping to rebuild and revitalize our rural communities.”
You can read the full announcement here.
Sources & links:
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