Make your hydroponic backyard organic kale dreams come true, now with help from the federal government. Yesterday the U.S. Department of Agriculture finalized a microloan program to assist veterans, minority growers, and small-time farmers who might otherwise have to rely on credit cards to get their farms up and running.
The microloans, up to $35,000 each, will be majorly helpful in an industry where loans are usually for much bigger sums, and involve much bigger stacks of paperwork. More microloans could mean more microfarms, and more diverse ones on the whole, and super-low interest rates (currently 1.25 percent) could certainly cut down on farmers' debt load. From the Associated Press:
Over the last three years, there has been a 60 percent increase in local growers who sell directly to consumers or farmers markets, Agriculture Department Secretary Tom Vilsack said...
The loan can cover the costs of renting land, buying seed and equipment, and other expenses. One goal is to create more opportunities for entrepreneurship and employment in the farming industry, Vilsack said. Another goal is to provide beginners a chance to build credit, so that they can eventually qualify for higher-value loans and expand.