AMARILLO, TX (KFDA) - The USDA has announced that they are expanding their microloans service to help farmers purchase land.
In the last three years these loans have provided over $373 million to farmers and ranchers across the country to help with operating costs such as feed, fertilizer, tools, and equipment.
However, the expansion will allow them to buy land and improve their properties. The loans will help with farm land, building purchases, and soil and water conservation improvements.
New farmers, U.S. veterans wishing to become farmers, and farmers with small to mid-size farms are eligible for these loans; but the money won't just benefit farmers. Ross James, Farm Loan Manager, said these loans should have a positive impact on the community.
"Anytime you can generate any kind of program that actually influence the community, that provides products back into the
community," James said. "We're hoping this will start beginning farmers and open up a new door for them."
James hopes the loans will create a domino effect and bring news businesses to the area.
He also thinks it will improve the community. "It will improve everybody's lives with any money that's generated in our economy," James said. "We're an agriculture based community, anything that helps agriculture is going to help everyone."
Since commodity prices were low last year and are estimated to remain low, James feels this loan will really help farmers who are struggling.
"Anybody that's been out there that doesn't have the returns they have had in the past may need some help with some loans and this will provide easier way for somebody to come in and start," James said.
For more information about microloans or loan eligibility visit the USDA's website.