USDA Funds Record Number of Loans in 2017

January 19, 2018 03:59 PM
 
Farmers accessed nearly $6 million more in loans than they did in 2016.

As farmers across the country continue to struggle through a slow-grinding downturn that most analysts think is far from over, USDA announced the Farm Service Agency (FSA) funded a record number of loans in 2017. According to a press release from the agency, “hard-working farm families” accessed nearly $6 billion in new credit, either directly or guaranteed through commercial lenders last year. At year end, FSA was assisting more than 120,000 family farmers with loans totaling just over $25 billion, they say.

“FSA loan funds have been in high demand the last few years,” said Dr. Robert Johansson, Acting Deputy Under Secretary for the Farm Production and Conservation mission area. “We provide opportunities to qualified small, beginning and underserved farmers who are unable to obtain commercial credit, to help them get started, gain access to land and grow their operations. Family farmers across America also come to us for credit when they face challenges to stay in business. We’re proud to support rural prosperity by providing credit to those who need it most.”

FSA provides a variety of types of loans including farm ownership loans, operating loans and a new category called “microloans.”

According to the agency, more than 25,000 direct and guaranteed FSA loans went to beginning or underserved farmers and ranchers.

“Over 4,200 beginning farmers received direct farm ownership loans from FSA to make their first land purchase,” FSA reports. The agency adds that of the approximately 6,500 Microloans made in the last fiscal year, three-quarters went to beginning farmers, 1,000 went to women and 400 to veterans.

Back to news


Comments

 
Spell Check

C.K
bad axe, MI
1/21/2018 07:38 AM
 

  This isn't rocket science if your credit market debt was 4.7 trillion in 1980. It was 28 trillion in 2000 and now it's 70 trillion in 2018 . The FED's are trying to create hyper inflation to keep the economy going your loan volume by design is going to go threw the roof . My question is by creating all this unserviceable debt when are you going to start charging it off. You can't honestly believe with AGs cost of product in the US being 4 to 5 times higher than a our competitors abroad this debt is serviceable, because if it was it wouldn't of got this high in the first place.

 
 

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close