(Boise, Idaho) Jan. 22, 2013— New and beginning farmers and ranchers in Idaho now have an agricultural Microloan credit option to consider. As of Jan. 15, the U.S. Department of Agriculture’s Farm Service Agency (FSA) will offer its customers a Microloan designed to help farmers and ranchers with credit needs of $35,000 or less. The loan features a streamlined application and a simplified qualification process built to fit the needs of new and smaller producers.
“Farms and ranches seeking a smaller loan for start-up or operational needs now have a great new tool to consider,” said Dick Rush, State Executive Director. Upon completing the first loan in Idaho, Stacey Moyles, Farm Loan Officer said, "Overall it was pretty easy and I think I like it." Mr. Rush went on to explain that the new tool requires less than one-half the federal forms required for the traditional operating loan.
In 2012, the Farm Service Agency provided $82.2 million in farm loan assistance to agricultural producers of all sizes in Idaho. That year, operating loans accounted for the majority of the loans extended (412), while farm ownership loans were fewer (27).
“The interest rate of 1.25 percent on the new FSA Microloan is also a great benefit for farmers and ranchers who are just starting out, in need of capital and on a tight budget,” according to Rush. “Producers in every Idaho county can contact their nearest FSA office for details and to determine if they qualify for a Microloan.” The Microloan term can be up to seven years.
In response to tighter financial markets, USDA has expanded the availability of farm credit, helping farmers refinance loans across the U.S. Since 2009, USDA has provided more than 128,000 loans to family farmers totaling more than $18 billion. Over 50 percent of the loans went to beginning and socially disadvantaged farmers and ranchers.
For more information on Microloans and other FSA programs, please contact your local USDA service center.
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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 20250-9410, 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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