It’s a common dilemma we often see play out with our beginner farmers and recent graduates: It’s obvious that more capital is needed for the necessary expansion of the farm operation, but finding the money is hard and confusing.
The USDA Farm Service Agency is hoping to change that and has launched a new tool on its website for farmers and ranchers to find information on farm loans that best fit the particular need of the operation. The online process first prompts you to answer a few questions about your farm needs, what you’re looking for and how much money you think you need to borrow.
And then presto, within minutes you receive a list of what types of loans are best for you. You’ll also get links to other funding opportunities, guides to applying, and advice on getting all your paperwork in order to complete the loan applications.
The USDA expects to launch more features that will help submit certain loan documents to their service center as well as view loan information as entities.
If you are a beginner farmer or you are in the early stages of your farm business, New Entry’s farming instructors can help point you in the right direction and provide advice on growing your operation. Contact us and find out how we can help.