Nelson announces $7 million in loans to Montana farmers and ranchers
Bruce Nelson, State Executive Director for the Farm Service Agency in Montana, has provided $7 million to fund direct farm ownership and operating loans from the Supplemental Appropriations Act signed by President Obama. The funds will be used to for the purchase of real estate, livestock, machinery and equipment and for annual operating credit. The maximum amount for either type of loan is $300,000.
From the beginning of the fiscal year FSA has obligated over 61 million dollars to assist Montana Farmers and Ranchers secure financing to start farming or ranching or to assist with existing operations. Of the proceeds obligated, 45 percent of the loan funds were advanced to socially disadvantaged and beginning farmers and ranchers.
An amount of $27,670,697 in direct and guaranteed loans has been obligated for Socially Disadvantaged Applicants and Beginning Farmers and Ranchers applicants through out Montana.
“The $7 million lent to Montana’s farmers and ranchers also assist the economies of our rural communities,” says Nelson.
In keeping with the president’s goal for the Recovery Act, this loan funding is intended for proper investment into the agricultural sector, to benefit both family farmers and rural economies. The Recovery Act was designed to preserve or create millions of jobs throughout the country and these loans help ensure that recipients remain financially viable and local agri-businesses benefit from direct purchases.
For specific information on direct operating loans and other FSA farm loan programs or additional program administered by FSA, visit your FSA county office or the Montana website at http://www.fsa.usda.gov/mt.