The US Department of Agriculture has announced that loans are available for farm purchase, down payment of a farm, or operations.
The loans are for use by targeted underserved groups and beginning famers. In a news release from the USDA, the FSA Loans are meant to assist farmers in owning and operating their farms. Repayment terms vary based on the collateral of the loan and usually run for 1-7 years for direct operating loans, while the repayment terms for direct ownership loans will set the life of the loan for as long as 40 years. Interest rates are usually set depending on the current US government’s cost of borrowing.
The farms that would qualify would have farmers that have been subjected to racial, ethnic or gender prejudices or first-time farmers.
You can contact the local FSA office at 724-463-8547 if you have any questions.
