The United States Department of Agriculture is making a few changes in their Microloan Program.
The USDA is raising the borrowing limit for the microloan program from $35,000 to $50,000, simplifying the lending process, updating required “farming experience” to include other valuable experiences, and expanding eligible business entities to reflect changes in the way family farms are owned and operated.
The microloan changes will allow beginning, small, and mid-sized farms to access an additional $15,000 in loans using a simplified application process with up to seven years to repay. The changes will become effective on November 7th. To find out more information, visit www.usda.gov/farmbill.
USDA Raising Borrowing Limit
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