USDA ANNOUNCES $760 MILLION IN LOAN FUNDING
News Date July 21, 2009
Last week, Agriculture Secretary Tom Vilsack announced that $760 million in funding for farmers and ranchers, which was approved by the Supplemental Appropriations Act signed earlier this year, is now available. Of this funding, $400 million is allotted for direct operating loans, which will clear a backlog of $150 million worth of pre-approved, yet unfunded, loan applications. Meanwhile, $360 million was allotted for direct farm ownership loans to be dispersed via the USDA’s Farm Service Agency. These funds can be used for farm operating expenses, minor building improvements, cost associated with water and land development and to refinance debts under certain conditions. The maximum amount that can be applied for is $300,000. For more information, visit www.fsa.usda.gov (By: Sean McCarver, Policy Contact: David Hickey)