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For Immediate Release January 18, 2013
Contact: Scherrie V. Giamanco, FSA State Executive Director 217-241-6600
Jeff Koch, Farm Loan Chief 217-241-6600
Springfield, IL – January 18, 2013 – New and beginning farmers and ranchers in Illinois have an agricultural Microloan credit option to consider. As of Jan. 15, the U.S. Department of Agriculture’s Farm Service Agency (FSA) will offer its customers a Microloan designed to help farmers and ranchers with credit needs of $35,000 or less. The loan features a streamlined application and simplified qualifications process built to fit the needs of new and smaller producers.
“This innovative offering will be more customer-friendly than our larger, more traditional loan programs,” said Giamanco. “Farmers and ranchers seeking a smaller loan for start-up or operational needs now have a great new tool to consider.”
As an example, for those selling at Farmers’ Market or through community-supported agriculture operations (CSAs), a Microloan might serve their needs perfectly, “Giamanco continued.” “And the reduced paperwork associated with the new Microloan will help expedite the process for everyone.”
In 2012, the Illinois Farm Service Agency provided a total of $190,162,000 in farm loan assistance to agricultural producers of all size operations. Of the 859 loans made, 508 were made for farm ownership purposes, and 350 were made for farm operating purposes, with one Emergency loan issued. Of the 859 loans made, more than half (483) were made to Beginning and Socially Disadvantage Farmer applicants totaling $75,000,000.
The current interest rate for operating loans including the Microloan operating loan is 1.25% and they can be used for needed capital items as well as operating expenses” according to Giamanco. “Producers in Illinois can contact their local county FSA office for details and to determine if they qualify for a Microloan.” The Microloan term can be up to seven years.
For more information on Microloans contact your local County FSA Office.
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