A new way of financing portable storage and handling equipment for farmers and ranchers has been announced by the United States Department of Agriculture (USDA).
The new loan structure now has a microloan option that includes lower down payments, which are aimed to assist farmers and ranchers of all financial levels.
The microloan allows participants who are seeking less than $50,000 to qualify for a down payment of five percent and no record of previous production.
The program is expected to benefit smaller farms and ranches, as well as specialty crop growers.
Farmers and ranchers who choose to participate in this program can purchase equipment such as conveyers, scales or refrigeration units and trucks that can store commodities before delivering them to markets.
At the start of 2016, the Farm Service Agency (FSA) lengthened the list of commodities included in the Farm Storage Facility Loan.
Eligible commodities now include: aquaculture, floriculture, fruits (including nuts) and vegetables, corn, grain sorghum, rice, oilseeds, oats, wheat, triticale, spelt, buckwheat, lentils, chickpeas, dry peas, sugar, peanuts, barley, rye, hay, honey, hops, maple sap, unprocessed meat and poultry, eggs, milk, cheese, butter, yogurt and renewable biomass.