|Credit access expanded for beginner and family farms|
|Written by Holyoke Enterprise|
Agriculture Deputy Secretary Krysta Harden announced that the U.S. Department of Agriculture will improve farm loans by expanding eligibility and increasing lending limits to help more beginning and family farmers.
As part of this effort, USDA is raising the borrowing limit for the microloan program from $35,000 to $50,000, simplifying the lending processes, updating required “farming experience” to include other valuable experiences and expanding eligible business entities to reflect changes in the way family farms are owned and operated. The changes become effective Nov. 7.
“USDA is continuing its commitment to new and existing family farmers and ranchers by expanding access to credit,” Harden said. “These new flexibilities, created by the 2014 Farm Bill, will help more people who are considering farming and ranching or who want to strengthen their existing family operation.”
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