Loans to farmers/ranchers
Bill York, Farm Loan Chief for USDA's Farm Service Agency in Utah announced that FSA will immediately use $145 million of the $173 million provided in the Recovery Act for its Direct Operating Farm Loan Program, which will give 2,042 farmers-almost 50 percent are beginning farmers and 10 percent are socially disadvantaged producers-direct loans from the agency. In Utah this allowed 57 approved direct operating loans totaling $4,107,270 million be issued.
"These loans will be used to purchase items such as farm equipment, feed, seed, fuel and other operating expenses and will stimulate rural economies by providing American farmers funds to operate," said York.
All remaining funding will be allocated through approved loans until all available funds have been expended. Applications are considered on a first come, first served basis with special emphasis placed on beginning and socially disadvantaged applicants. The maximum loan amount is $300,000.
For specific information on direct operating loans and other FSA farm loan programs, visit your FSA county office or our website at http://www.fsa.usda.gov.