Effective Nov. 7, the U.S. Department of Agriculture (USDA) will expand eligibility and increase lending limits on farm loans for beginner and family farmers, according to an USDA release.
USDA is raising the borrowing limit for the microloan program from $35,000 to $50,000; simplifying the lending processes; updating required “farming experience” to include other valuable experiences; and expanding eligible business entities to reflect changes in the way family farms are owned and operated.
The microloan changes will allow beginner, small and midsized farmers to access an additional $15,000 in loans using a simplified application process with up to seven years to repay.
For information on the application process, rates, terms and eligibility criteria click here.