The US Department of Agriculture will provide a new financing option to help farmers finance and purchase portable storage and handling equipment. The FSA and the Ag Marketing Service announced changes to the Farm Storage Facility Loan Program during a food roundtable in Columbus, Ohio. The loans now include a smaller microloan option, with lower down payments designed to producers, including new, small, and mid-sized producers, grow their businesses and markets. The microloan option allows producers seeking $50,000 or less to qualify for a reduced down payment of five percent and no three year production history requirement. Farms and ranches of all size are eligible, but it should be a particular benefit to smaller farms and ranches, and specialty crop producers who may not have access to commercial storage or on-farm storage after harvest. These producers can invest in things like conveyors, scales, refrigeration units, and trucks to store commodities before the go to market.
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