LEWISTON — New and beginning farmers in Maine now have an agricultural microloan credit option to consider.
As of Jan. 15, the U.S. Department of Agriculture’s Farm Service Agency will offer its customers a microloan designed to help farmers with credit needs of $35,000 or less. The loan features a streamlined application and a simplified qualification process built to fit the needs of new and smaller producers.
Mike Dennison of the Lewiston office, 254 Goddard Road, pointed out that farms seeking a smaller loan for startup or operational needs now have a new tool to consider. He noted that the low interest rate on the new FSA microloan is also a great benefit for farmers who are just starting out, in need of capital and on a tight budget. The microloan term can be up to seven years.
For more information on microloans and other FSA programs, please contact a local USDA service center. The Lewiston office number is 753-9400.