BISHOP WELCOMES NEW MICROLOAN OPPORTUNITIES FOR FARMERS, VETERANS

Jan 15, 2013 Issues: Agriculture, Fiscal Discipline, Veterans

WASHINGTON, D.C. – Today, Congressman Sanford D. Bishop, Jr. (GA-02) released the following statement commending the U.S. Department of Agriculture (USDA) on launching a new microloan program aimed at assisting small and beginning farmers, veterans, and disadvantaged producers secure loans up to $35,000. Congressman Bishop is an enthusiastic supporter of the USDA’s microloan initiatives, and so in his capacity as a member of the House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, he has advocated for the new loan program.

“The USDA’s new microloan program is an excellent, much-needed initiative to assist farmers and rural communities in Southwest Georgia,” said Congressman Bishop. “Through programs like this, the USDA has built upon its commitment to helping farmers and producers succeed. It is essential that we invest in new generations of farmers who will maintain our nation’s food supply and bolster our economy for the future.”

The new microloan program is administered through USDA’s Farm Service Agency (FSA) Operating Loan Program and provides a simple and flexible loan process for new farmers, returning veterans, and disadvantaged producers and ranchers. Without access to startup loans or grants, the same groups often depend on credit cards or personal loans which can have high interest rates and inflexible payment schedules. Through the new microloan program, applicants can apply for a maximum of $35,000 to finance initial start-up expenses as well as annual expenses.

For more information on USDA’s new microloan program, please click here.

Producers interested in applying for a microloan may contact their local Farm Service Agency office.

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