USDA’s New Microloan Program for Small Farmers
The USDA recently announced a new microloan program that will provide up to $35,000 to help small farmers and ranchers during their startup years. Microloans are like other operating loans offered by the USDA. They can be used to purchase livestock, equipment, hoop houses, delivery vehicles, feed, seed, fertilizer and related supplies. The current interest rate for a microloan is 1.25%. The microloan program is administered through the USDA’s Farm Service Agency (FSA).
For more information about the microloan program, read the USDA news release.
Producers interested in applying for a microloan may contact their county FSA office in North Carolina.