Agriculture Secretary Tom Vilsack says $760 million from the Supplemental Appropriations Act signed by President Obama is available for approved but previously unfunded USDA direct farm ownership and operating loans throughout the country. Speaking at the Rural Tour in Wisconsin, Vilsack said USDA will deliver these loans to producers as quickly as possible to meet the capital needs of farmers and ranchers.
These funds will clear a $150 million backlog of loans, which had already been approved for 2,200 family farmers across the nation. It will also provide additional funds for new loan applications. Producers interested in applying for direct loans or other FSA products should visit their local FSA county offices. For more information, visit http://www.fsa.usda.gov/.
Producers can use Direct Farm Ownership loans to buy farmland, construct or repair buildings and other fixtures, and promote soil and water conservation. Operating Loans may be used to purchase items such as livestock, farm equipment, feed, seed, fuel, farm chemicals, insurance, and other operating expenses. Operating Loans can also be used to pay for minor improvements to buildings, costs associated with land and water development, family subsistence, and to refinance debts under certain conditions.