Ag Secretary Tom Vilsack says USDA has made substantial year-over-year gains in expanding credit opportunities for the nation’s farmers and ranchers. The increase in farm and operating loans has helped improve productivity, launched new start-up operations and ensured agricultural opportunities for many more Americans. By expanding options in agriculture – Vilsack says we see a new vibrancy across the countryside as younger people pursue livelihoods in farming and raising food for local consumption. Now Vilsack has announced that the department is seeking comments on a new program to help small and family operations progress through their start-up years with needed resources – while building capacity, increasing equity and eventually graduating to commercial credit.

Under this new microloan proposal – producers needing a loan of less than 35-thousand dollars could apply using simplified and streamlined procedures. The required paperwork would be cut in half. The goal is to better meet the credit needs of small farm operations while making more effective use of Farm Service Agency resources. To view the proposed rule – visit the FSA home page at www dot fsa dot usda dot gov (www.fsa.usda.gov). Comments must be submitted by July 23rd through the Federal eRulemaking portal at www dot regulations dot gov (www.regulations.gov) or through mail.

USDA has provided more than 100-thousand loans to family farmers totaling 14.6-billion dollars in the past three years. Since 2008 – the number of loans going to beginning farmers and ranchers has climbed from 11-thousand to 15-thousand. More than 40-percent of USDA’s farm loans now go to beginning farmers. Lending to socially-disadvantaged producers has increased by nearly 50-percent since 2008.