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David Sparks Ph.d Microloans
by David Sparks Ph.d, click here for bio

Program: Idaho Ag Today
Date: October 25, 2018

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An ongoing dialogue in agriculture for as long as I have been a reporter has been the question of where are our young farmers going to come from given that the average age of the American farmer is in the neighborhood of 60 years old. One of the common reasons for such lean times for young food producers has been the issue of money. Where do I get enough money to at least get started? Well, The Farm Service Agency has a variety of loans to help farmers and producers with a variety of needs on their operation. One of the newer loan programs is the microloan, which started in 2013.

Houston Bruck with the Washington State FSA says microloans can be used to meet typical needs, but has a maximum of $50,000, ranging anywhere from one to 25 years in length. Bruck says one of the best aspects of the microloan process is the reduced application. Bruck says while microloans are great for new and young farmers, they are open to any operation of any size. And, he noted just because you’ve been told no before, or other loan efforts did not work in the past, doesn’t mean the microloans won’t work now

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