Mike
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USDA offering loan funds for socially disadvantaged
The Herald-Dispatch
HUNTINGTON — The USDA is now offering loan funds for socially disadvantaged applicants in West Virginia to buy and operate family-sized farms and ranches.
According to Keith Richmond, county executive director to USDA 's Farm Service Agency in Cabell and Wayne counties, these funds are set aside each year for members of specific groups such as, African Americans, American Indians, Alaskan Natives, Hispanics, Asians and Pacific Islanders and women.
This program provides direct and guaranteed assistance in the form of farm operating and farm ownership loans. Direct loans are made to applicants from the FSA. Guaranteed loans are issued by lending institutions, but typically 90 percent of the loan is guaranteed by FSA if the loan fails.
Operating loans may be used to purchase livestock, equipment, feed, seed and other business-related expenses. Repayment terms run from one to seven years. Ownership loans provide capital to purchase or enlarge a farm, construct or improve buildings, promote soil and water conservation and pay closing costs. Direct ownership loan terms are up to 40 years. Guaranteed loan terms are established by the lender.
For more information producers with questions may contact the FSA office at (304) 697-6033.
The Herald-Dispatch
HUNTINGTON — The USDA is now offering loan funds for socially disadvantaged applicants in West Virginia to buy and operate family-sized farms and ranches.
According to Keith Richmond, county executive director to USDA 's Farm Service Agency in Cabell and Wayne counties, these funds are set aside each year for members of specific groups such as, African Americans, American Indians, Alaskan Natives, Hispanics, Asians and Pacific Islanders and women.
This program provides direct and guaranteed assistance in the form of farm operating and farm ownership loans. Direct loans are made to applicants from the FSA. Guaranteed loans are issued by lending institutions, but typically 90 percent of the loan is guaranteed by FSA if the loan fails.
Operating loans may be used to purchase livestock, equipment, feed, seed and other business-related expenses. Repayment terms run from one to seven years. Ownership loans provide capital to purchase or enlarge a farm, construct or improve buildings, promote soil and water conservation and pay closing costs. Direct ownership loan terms are up to 40 years. Guaranteed loan terms are established by the lender.
For more information producers with questions may contact the FSA office at (304) 697-6033.
