Supporting New Farmers and Ranchers

I’m KayDee Gilkey and welcome to Open Range. Here’s Greg with today’s report.

Thanks KayDee. Ever thought about getting into the ag business? Kevin Jordan with the Farm Service Agency in Pendleton discusses their Beginning Farmer and Rancher Loan program.

JORDAN: FSA is one of the few sources of credit for young and beginning farmers. Their lack of tenure in the industry and their lack of financial confidence usually precludes a commercial lender from being able to help someone like that.

Jordan says their programs are specifically designed to help these kinds of people and they are not just a one-time loan.

JORDAN: Under our operating loan program there are term loans available and there are annual operating loans available. They are available up to a particular limit. Each borrower has a $300-thousand dollar limit. And you can come back. You can have 7 years worth of annual operating loans.

There are some eligibility criteria that need to be met and Jordan says if you have a plan it can go fairly quickly.

JORDAN: Once you arrive in the office with a complete loan application we typically can run them out of here within about 2 weeks. It’s a fantastic program. It bears a very reasonable interest rate on it with great servicing terms on it. It is specifically designed to start a young business.

Contact your local FSA office for details. I’m Greg Martin and that’s today’s AgriBeef Minute.

Thanks Greg. Don’t forget Greg will be back each Wednesday with the AgriBeef Minute. Agri Beef Co - Real Families, Great People, Exceptional Beef. I’m KayDee Gilkey.