Aug 8, 2024USDA revamps Farm Loan Programs to assist vegetable growers
The U.S. Department of Agriculture has unveiled updates to the Farm Service Agency’s (FSA) Farm Loan Programs.
The changes are set to become effective Sept. 25, and are designed specifically to support farmers.
The changes aim to enhance financial stability and growth potential for producers in the vegetable sector, offering new opportunities for managing expenses and investing in their farms, according to a news release.
“USDA understands the unique challenges faced by vegetable growers and the crucial role that farm loans play in their success,” Zach Ducheneaux, administrator at FSA, said in the release. “By implementing these improvements, we aim to help vegetable producers increase their profitability, build financial security, and make strategic investments in their operations.”
The updates include a new low-interest installment program for financially distressed borrowers, allowing them to defer one annual loan installment at a reduced rate.
Additionally, eligible applicants will benefit from more flexible repayment terms, helping them manage cash flow and build reserves.
The changes also reduce the need for additional loan security, making it easier for vegetable growers to access credit and leverage their equity.
For more more information, visit fsa.usda.gov.
