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Microloan program targets new farmers

Microloan program targets new farmers

January 18th, 2013 in News

A new federal farm microloan program for beginning and needy farmers has been launched with loans up to $35,000.

Farmers interested in in securing a microloan loan can contact the Callaway County Farm Service Agency, 4549 State Road H, Fulton.

Mark Mudd, senior farm loan officer at the Callaway County office, said the program can be for any farm production project but not for the purchase of land.

Mudd said to qualify for the loan the applicant must be unable to secure a loan from private sources.

The low-interest loans are available for up to seven years at an annual interest rate of 1.25 percent. A production loan for a crop would be available for only one year but purchase of farm equipment could be for up to seven years.