Fwd: Fw: USDA Finalizes New Microloan Program
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Rochelle Sparko
Jan 18, 2013, 11:03:49 AM1/18/13
to durham-food-s...@googlegroups.com
Howdy folks,
FYI USDA is making micro loans available folks running small and start up farming operations at WAY better interest rates that you can get using a credit card or other personal loan.
Cheers,
Rochelle
--
Verily poor as we are in democracy, how can we give of it to the world? ... [A] democracy conceived in the military servitude of the masses, in their economic enslavement, and nurtured in their tears and blood, is not democracy at all. Emma Goldman
Rochelle
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From: "USDA Farm Service Agency" <usd...@service.govdelivery.com>
Date: January 17, 2013 8:08:54 AM EST
To: michael...@gmail.com
Subject: USDA Finalizes New Microloan Program
Reply-To: usd...@service.govdelivery.com
January 2013
USDA Finalizes New Microloan Program
Agriculture Secretary Tom Vilsack unveiled a new microloan program today that will expand access to credit for small farmers and ranchers and beginning and socially disadvantaged producers.
The microloan application process is simpler and requires less paperwork than traditional operating loans. Additionally, the requirement for managerial experience and loan security has been modified to ensure that small family operations and beginning farmers and ranchers can obtain the credit needed to start and continue an agricultural operation. This loan program will also be useful to specialty crop producers and operators of community supported agriculture (CSA).
Eligible applicants can apply for a maximum amount of $35,000 to pay for initial start-up expenses such as hoop houses to extend the growing season, essential tools, irrigation, delivery vehicles, and annual expenses such as seed, fertilizer, utilities, land rents, marketing, and distribution expenses. As financing needs increase, applicants can apply for an operating loan up to the maximum amount of $300,000 or obtain financing from a commercial lender under FSA’s Guaranteed Loan Program.
Small farmers often rely on credit cards or personal loans, which carry high interest rates and have less flexible payment schedules, to finance their operations. The microloan program will expand access to credit and provide a simple and flexible loan process for small operators.
The current interest rate for Microloans is 1.25 percent.
In addition to microloans, FSA offers several farm loan programs that provide funding to purchase land, livestock, equipment, feed, seed, and supplies, or can be used to construct buildings or make farm improvements.
Producers interested in applying for a microloan or other FSA farm loan program should contact their local Farm Service Agency office.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write to USDA, Assistant Secretary for Civil Rights, Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, S.W., Stop 9410, Washington, DC 20250-9450, or call toll-free at (866) 632-9992 (English) or (800) 877-8339 (TDD) or (866) 377-8642 (English Federal-relay) or (800) 845-6136 (Spanish Federal-relay).
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This message is being sent on a public e-mail system and may be subject to disclosure under the North Carolina Public Records Act.
Verily poor as we are in democracy, how can we give of it to the world? ... [A] democracy conceived in the military servitude of the masses, in their economic enslavement, and nurtured in their tears and blood, is not democracy at all. Emma Goldman
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