Farm Service Agency To Host Seminar On Microloans
The Chautauqua County Farm Service Agency will host a seminar to discuss the new microloan program. The seminar will be provided Tuesday from 1-4 p.m. at the USDA Service Center, located at 3542 Turner Road, Jamestown.
The microloan program is part of USDA’s ongoing efforts to streamline and modernize its service to American agriculture and is designed to better meet the unique credit needs of beginning and socially disadvantaged farmers and of the smallest family farms.
The microloan program simplifies and streamlines the process for producers obtaining loans under $35,000. This type of loan also cuts the paperwork burden in half and simplifies the loan application process.
Producers can use microloan funds 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.
Microloan repayment terms may vary, but typically will not exceed seven years for intermediate-term purposes. Interest rates are based on the regular OL rates that are in effect at the time of loan approval or loan closing.
USDA is an equal-opportunity provider and employer.