US: Three reasons to keep an eye on the Young Farmers Act

In an election year, it can be difficult to keep track of the legislation that doesn’t get a lot of play in the media. But for many farmers and growers whose livelihoods are heavily influenced by the United States federal government, keeping an eye on pending legislation can help you position yourself for big changes coming down the pike. One such law, the Young Farmer Success Act, may end up affecting tens of thousands of young growers looking to get a foothold in the industry. Here are three reasons to keep an eye on this legislation.

Student loans aren’t going away
As much as some graduates want them to, the large amount of student loans that have put many students through college aren’t going away. For growers starting their own operation, they must balance the payments of their student loans against investing in their own startup. This means that tough decisions must be made when it comes time to choose between paying down the interest on their loans, or investing in growing equipment and a new greenhouse.

A recent survey found that 53% of young farmers are having trouble paying off their loans. Another 30% said they weren’t farming because of their student loan debt.

Growing hasn’t gotten much cheaper
Farming has always required three things: Land, equipment, and time. By its nature, farming is a capital-intensive business. New growers need time to not only acquire the equipment necessary for their operation, but need the financing to make it possible. Part of the new legislation would instate forgiveness for those growers working in the industry, but not meeting a minimum income requirement. In theory, this would allow for more growers to work on farms and gain experience without worrying about finding higher paying jobs outside of farming to pay their loans.

Local growers still matter
With the advent of farm-to-table dining and the grassroots movement of consumers wanting to know where their food comes from, local farms and growing operations are more important than ever. While there will always be competition between commercial growers and smaller, locally owned operations, the playing field has been leveled out to an extent. There are plenty of opportunities for young farmers to start their own operations, assuming they can get out from under their student loan debt.

For more information
Rimol Greenhouse Systems
40 Londonderry Turnpike
Hooksett, NH 03106
T: (877) 746-6544
[email protected]
www.rimolgreenhouses.com