USDA Farm Service Agency approves 1st Micro Lender in Montana
August 31, 2018
Additional Access to Credit Now Available to Eligible Agricultural Producers
BROWNING, Mont. – Aug. 29, 2018 – U.S. Department of Agriculture (USDA) Montana Farm Service Agency (FSA) Executive Director Mike Foster today announced approval of the first guaranteed agricultural Micro Lender in Montana.
Through FSA's EZ Guaranteed Loan program, Native American Community Development Corporation (NACDC) Financial Services, Inc. of Browning, Montana, can now offer their agricultural customers loans for up to $50,000. FSA guarantees up to 95 percent of the loan.
"We are excited to announce approval of the first Micro Lender in Montana," Foster said. "We look forward to a productive lending relationship with NACDC Financial Services, Inc., and supporting more farmers and ranchers in Montana."
These loans can be used to finance operating costs, such as feed, fertilizer, tools, fencing, equipment and living expenses as well as farmland and building purchases, and soil and water conservation improvements.
According to the current Census of Agriculture, 75 percent of all farm operations gross less than $50,000 per year. EZ Guarantee Loans offer a streamlined version of USDA guaranteed loans and are tailored for smaller scale operations. Participation in the guaranteed loan program allows lenders to leverage their money to extend additional credit to their customer base that may not be possible without a guarantee.
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NACDC Financial Services, Inc. addresses critical needs in Native American communities related to the growth of family assets, supports economic development, and enhances the quality of life for communities and residents located on or near Montana's seven Indian reservations and throughout the state. NACDC Financial Services, Inc. provides one-on-one technical assistance to Native American entrepreneurs and agricultural producers. NACDC Financial Services, Inc. is a 501(c) (3), certified Native Community Development Financial Institution (CDFI), through the U.S. Department of Treasury.
In addition to NACDC Financial Services, Inc.'s support for Native American communities, EZ Guarantee loans offered by the lender are available to all eligible agricultural producers statewide.