New Farmers.gov Feature Helps Producers Find Farm Loans
A new online tool can help farmers and ranchers find information on U.S. Department of Agriculture (USDA) farm loans that may best fit their operations. USDA has launched the new Farm Loan Discovery Tool as the newest feature on farmers.gov, the Department’s self-service website for farmers.
“Access to credit is critical in the agriculture industry, especially for new farmers,” said Bill Northey, Under Secretary for Farm Production and Conservation. “This new interactive tool can help farmers find information on USDA farm loans within minutes. We are working to improve our customer service, and part of our solution is through improving how farmers can work with us online.”
USDA’s Farm Service Agency (FSA) offers a variety of loan options to help farmers finance their operations. From buying land to financing the purchase of equipment, FSA loans can help. Compared to this time last year, FSA has seen an 18 percent increase in the amount it has obligated for direct farm ownership loans, and through the 2018 Farm Bill, has increased the limits for several loan products.
USDA conducted field research in eight states, gathering input from farmers and FSA farm loan staff to better understand their needs and challenges.
“We received suggestions from both farmers and our staff on how to improve the farm loan process, and we wanted to harness this opportunity to be more efficient and effective,” Northey said. “This feature is one step in our efforts.”
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