USDA Announces Additional Farm Loan Funding
The Department of Agriculture Friday announced more funding for farm operating loans. Farm Service Agency administrator Val Dolcini announced the funding to assist more than 1,900 approved applicants who are awaiting farm operating loans. The funds give USDA $185 million in additional lending for direct and guaranteed farm operation loans. The funding will address up to 30 percent of the projected shortfall in funding for the program before the next fiscal year which starts October first. FSA loan funds are in higher demand this year, given the farm economy status.
FSA this year has guaranteed loans to more than 6,400 customers for farm ownership and operating purposes. USDA also reminded lenders and potential borrowers of the loan guarantee programs available from the Small Business Administration. USDA says SBA programs can provide a financing alternative for agricultural producers when their lender is unable to close an FSA guaranteed loan, such as when funds are exhausted for the fiscal year.
Source: NAFB News