Comment Period for the Microloan Program is open through July 23, 2012
USDA Farm Service Agency (FSA) expands and improves access to credit through the new microloan program. This program allows credit to be accessible to help small and family farms progress through their start-up years with needed resources, while building capacity, increasing equity, and providing the opportunity to graduate to commercial credit. Under the proposal, producers who need a loan for less than $35,000 may apply through a simplified, streamlined process by cutting paperwork in half. The improvements aim to offer a more efficient processing time for smaller loans, adding flexibility to some of the eligibility requirements and reduce the application requirements. More details will be available once the program is finalized.
Currently this program is under public comment if you are interested in learning more about the program the proposed rule may be viewed at: http://www.fsa.usda.gov/FSA//federalNotices?area=home&subject=lare&topic=frd-pi
You may also go to the federal eRulemaking Portal: http://www.regulations.gov
(follow the online instructions for submitting comments)
You can also contact the local FSA office to obtain a copy of the regulations.
Public Relations & Outreach Specialist
1606 Santa Rosa Road, Suite 138
Richmond, VA 23229