USDA Finalizes New Microloan Program

WASHINGTON, Jan. 15, 2013 — Agriculture Secretary Tom Vilsack todayannounced a new microloan program from the U.S. Department of Agriculture(USDA) designed to help small and family operations, beginning and sociallydisadvantaged farmers secure loans under $35,000. The new microloan program is aimed at bolstering the progress of producers through their start-up years by providing needed resources and helping to increase equity so that farmers may eventually graduate to commercial credit and expand their operations. The microloan program will also provide a less burdensome, more simplified application process in comparison to traditional farm loans.