The FSA has a variety of loans to help farmers and producers with a variety of needs on their operation. One of the newer loan programs is the microloan, which started in 2013. Houston Bruck with the Washington FSA said microloans can be used to meet typical needs, but has a maximum of $50,000, ranging anywhere from one to 25 years in length. Bruck added one of the best aspects of the microloan process is the reduced application.
“That reduce paperwork requirement means that applicants are able to get access to that needed credit a lot of times quicker than our non-microloan applicants. The application itself is about eight pages long, we might ask for some supplemental information but we try not to plow too deep on these as far as credit analysis.”
Bruck noted while microloans are great for new and young farmers, they are open to any operation of any size. And he noted just because you’ve been told no before, or other loan efforts did not work in the past, doesn’t mean the microloans won’t work now.
“Out loans are always changing, and I would really encourage those folks to reach out to one of our offices, they can have a confidential conversation about their particular needs and just again emphasize the program eligibility requirements are constantly changing.”
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