News
$760 million for farm operating, ownership loans
The USDA announced $760 million from the Supplemental Appropriations Act will be used for previously approved but unfunded direct farm ownership and operating loans. Speaking at a Rural Tour stop in Wisconsin, the Secretary said, “USDA will deliver the loans to producers as quickly as possible to meet the capital needs of farmers and ranchers.”
Vilsack says $400 million of the funds has already gone to state offices for direct operating loans and to clear up a $150 million backlog of approved loans. The remaining $360 million will be available for farm ownership loans through the Farm Service Agency. The Direct Farm Ownership loans can be used to buy farmland, construct or repair buildings and other fixtures and promote soil and water conservation.
The Operating Loans will be for the purchase of livestock, farm equipment, feed, seed, fuel, insurance and other operating expenses including to refinance debts under certain conditions. Maximum amount for either loan is $300,000.
Information and applications are available at your local FSA office.
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