USDA finalizes microloan program for small farmers
The loans will be worth up to $35,000.
Agriculture Secretary Tom Vilsack announced a new USDA microloan program for small, socially disadvantaged and first-time farmers. The loans, worth up to $35,000, will be administered by the Farm Service Agency (FSA) Operating Loan Program. The interest rate is currently 1.25 percent and will change monthly. USDA says the loans can be used to purchase land, livestock, equipment, feed, seed, and supplies, or be to construct buildings or make farm improvements.