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USDA’s FSA releases more farm loan funding

The USDA’s Farm Service Agency is making more funding available to nearly 2-thousand approved applicants for farm operating loans.

The funds were reprogramed by the FSA with the approval of Congress. The USDA says it will leverage as much as $185-Million in additional lending for direct and guaranteed farm operation loans. And, that will allow the agency to address up to 30-percent of its projected shortfall of funds until the next federal fiscal year which starts October first. National Farmers Union president Roger Johnson says although the addition is “greatly appreciated”, it’s not enough to help farmers who are struggling in the declining farm economy. He says farmers must continue to apply for loan programs for when the funds are replenished in fiscal year 2017.

The FSA says it has guaranteed loans to more than 64-hundred customers this fiscal year.

In addition, the agency reminds farmers and lenders that Small Business Administration (SBA) loans can be used for similar things as FSA guaranteed loans, and they encourage them to reach out to the SBA.