Microloans for farmers
Filed by KOSU News in Local News.
January 22, 2013
Ever wanted a bee farm or to grow blackberries? Maybe you never had enough money to buy the land you wanted.
For most it is never easy to borrow the money needed to become established. But Phil Estes, Farm Loan program chief for the state of Oklahoma, says a new microloan is available.
“This is sorta a new deal where we’re trying to head right now to help some people that may have fallen between the cracks and people trying to get started up.”
The microloan targets small and family operations, along with farmers who are just starting out. On February 1 the new permanent program’s loan rate will drop to 1.125%. The loans will be available through the USDA’s Farm Service Agency Operating Loan Program. With a maximum loan amount of $35,000, it’ a start for anyone.