A new online tool from the USDA can help farmers and ranchers find information on federal farm loans that may best fit their operations. The Farm Loan Discovery Tool is the newest feature on farmers.gov, the Department’s self-service website for farmers.
Compared to this time last year, the USDA’s Farm Service Agency has seen an 18 percent increase in the amount it’s obligated for direct farm ownership loans, and through the 2018 Farm Bill it also increased the limits for several USDA loan products.
From the USDA:
How the Tool Works
Farmers who are looking for financing options to operate a farm or buy land can answer a few simple questions about what they are looking to fund and how much money they need to borrow. After submitting their answers, farmers will be provided information on farm loans that best fit their specific needs. The loan application and additional resources also will be provided.
Farmers can download application quick guides that outline what to expect from preparing an application to receiving a loan decision. There are four guides that cover loans to individuals, entities, and youth, as well as information on microloans. The guides include general eligibility requirements and a list of required forms and documentation for each type of loan. These guides can help farmers prepare before their first USDA service center visit with a loan officer.
Farmers can access the Farm Loan Discovery Tool by visiting farmers.gov/fund and clicking the “Start” button. Follow the prompts and answer five simple questions to receive loan information that is applicable to your agricultural operation. The tool is built to run on any modern browser like Chrome, Edge, Firefox, or the Safari browser, and is fully functional on mobile devices. It does not work in Internet Explorer.