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Every year, hundreds of farmers call Alaska home and the Feds are now offering microloans for beginning growers and ranchers.
Farmers with credit needs of $35,000 or less can now apply to the U.S. Dept. of Agriculture’s Farm Service Agency.
“For those selling at Farmers’ Markets or addressing food security in rural areas with hoop houses and greenhouses, this new Microloan might serve their needs perfectly,” Danny Consenstein, State Executive Director, said. “The interest rate of 1.25 percent on the new FSA Microloan is also a great benefit for farmers and growers who are just starting out, in need of capital and on a tight budget.”
The microloan term can up to seven years, according to USDA.
In 2012, the Alaska Farm Service Agency provided more than a $1 million in farm loan assistance to producers in Alaska.
To contact your local service center, visit the USDA’s website.
Contact KTUU News Desk