USDA unveils microloan program

The U.S. Department of Agriculture (USDA) introduced a new microloan program Tuesday designed to help small and family operations, returning veterans, beginning and socially disadvantaged farmers secure loans under $35,000, according to a USDA press release.

The program is aimed at bolstering the progress of producers their start-up years by providing needed resources and helping to increase equity so that farmers may eventually graduate to commercial credit and expand their operations.

The microloan program will also provide a less burdensome, more simplified application process in comparison to traditional farm loans. Producers interested in applying for a microloan should contact their local Farm Service Agency office.