USDA funds set aside for women, minorities

EPHRATA - The USDA Farm Service Agency has a portion of its farm loan program funds allocated specifically for women and minority producers.

"By setting aside funds specifically for women and minorities, it ensures that they will receive a portion of available funds," State Executive Director Judy Olson said.

U.S. Department of Agriculture (USDA) will improve farm loans by expanding eligibility and increasing lending limits to help more beginning and family farmers. As part of this effort, USDA is raising the borrowing limit for the microloan program from $35,000 to $50,000.

The changes become effective Nov. 7. The current October interest rate is 2.125%.

Direct Operating loan funds can be used to pay for annual farm operating expenses, purchase livestock and equipment.

Terms are one year for annual operating loans up to seven years for capital purchases or improvements at current October interest rate of 2.125%.

For additional information concerning any farm loan program, you may contact Libby Anderson, Farm Loan Manager, at the Grant County Farm Service Agency, (509) 754-2463 ext. 2.