The USDA announced yesterday new and exciting changes (read: opportunities) for beginning farmers, effective November 7. Below are a quick list of the changes, which will be discussed in further depth in later blog posts:
- The borrowing limit for microloans increases from $35,000 to $50,000;
- Simplified procedures for lending;
- Updating “farming experience” to include other experiences;
- Expanding eligible business entities to reflect changes in how family farms and ranches or owned and operated.
More information from the USDA may be found here.