Junior ag loan program available in Montana
March 3, 2014
Helena, Mont. – More than 50 Montana farm and ranch youth now participate in the Montana Department of Agriculture's Junior Agriculture Loan Program. Young people active in rural youth organizations like 4-H or FFA may be eligible for loans up to $8,500. The program has provided over 1,300 loans to young farmers and ranchers since its inception.
The program is designed to help rural youth develop or expand livestock or agri-business projects like custom farming, marketing, and processing. The Department of Agriculture may finance up to 90 percent of a project, at a low five-percent interest rate.
"At times it can be difficult for young farmers and ranchers to get the financing they need to develop a project. The Junior Agriculture Loan Program can help get a project get off the ground and give young producers valuable business experience," said Walt Anseth, Agriculture Finance Officer with the Montana Department of Agriculture.
The experience and educational benefits from the program often far exceed the actual loan for active participants. Many young men and women unable to secure conventional finance due to age, inadequate collateral or credit history, have used the program to establish financing experience and to advance their projects monetary value.
Youth applicants age 9 to11 are eligible for up to a $3,500 loan, while 12 to 21 year olds are eligible for up to an $8,500 loan. For more information and application materials, contact Walt Anseth, Agriculture Finance Officer at the Montana Department of Agriculture at 406-444-2402 or by email at email@example.com.
The Montana Department of Agriculture's mission is to protect producers and consumers, and to enhance and develop agriculture and allied industries. For more information on the Montana Department of Agriculture, visit http://www.agr.mt.gov.
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–Montana Dept. of Ag