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USDA announces streamlined guaranteed loans for small-scale operators
"Over the past seven years, we have been transforming our loan programs at USDA so that they can be attainable and useful to all kinds and sizes of producers," said Agriculture Secretary Tom Vilsack. "These EZ Guarantee Loans will help beginning and underserved farmers obtain the capital they need to get their operations off the ground, and they can also be helpful to those who have been farming for some time but need extra help to expand or modernize their operations. USDA's Farm Service Agency has offices in nearly every county in the country, and we encourage all farmers, including those in urban areas, to stop in and inquire about this program."
USDA also unveiled a new category of lenders that will join traditional lenders, such as banks and credit unions, in offering USDA EZ Guarantee Loans. Microlenders, which include Community Development Financial Institutions and Rural Rehabilitation Corporations, will be able to offer their customers up to $50,000 of EZ Guaranteed Loans, helping to reach urban areas and underserved producers. Banks, credit unions and other traditional USDA-approved leaners, can offer customers up to $100,000 to help with agricultural operation costs.
According to the 2012 Census of Agriculture, 75 percent of all farm operations gross less than $50,000 per year. EZ Guarantee Loans offer low interest rates and terms up to seven years for financing operating expenses and 40 years for financing the purchase of farm real estate. USDA-approved lenders can issue these loans with the Farm Service Agency (FSA) guaranteeing the loan up to 95 percent.
USDA is providing a 90-day period for the public to review and comment on program improvements. To review program details, visit www.regulations.gov, reference RIN 0560-AI34 and follow the instructions to submit comments.
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