More funding available for USDA farm loan program in Grant County

EPHRATA - More funds are now available for farmers and ranchers looking to purchase, enlarge or make capital improvements to a farm operation.

The U.S. Department of Agriculture's Farm Service Agency recently announced an increase in funding for their Direct Farm Ownership loan program this year. They also expect an increase in funding for fiscal year 2015, Libby Anderson, of FSA's Grant County office, said.

About $1.5 billion could be made available for the loan program next year, pending congressional action, she said.

The agency's direct loan program helps farmers, typically those just starting out, secure funding to purchase farmland. Lenders can get up to $300,000 from the FSA office, but can seek additional money from partnering banks.

"We have had limited farm ownership money because the budget has been tight, but the farm loan programs are really working so Congress has given us a lot more money for this program," Anderson said. "That's good news, that's a lot more money to work with."

She said while funding preference is given to new farmers and women or minority farmers, the loan program is open to all farmers.

The additional funding will allow FSA to expand its partnership with banks, Anderson said.

"The ability to leverage the resources of the FSA Farm Ownership Program with bank credit creates the potential to reach many more farmers, particularly beginning farmers who want to purchase land and those farmers who are trying to transition into retirement," she said in a statement.

Anderson said farmers in Grant and Adams counties can contact the Grant County FSA office for more information on the loan program or to start the application process.

The current interest rate for the direct loan, which is the portion of funding from the FSA office, is 3.875 percent.

The Grant County FSA office is located at 2145 Basin St. SW, Suite A. They can be reached at 509-754-2464.