The U.S. Department of Agriculture (USDA) Connecticut Farm Service Agency (FSA) Executive Director, Bryan Hurlburt announced that farmers still have time to apply for low interest loans available through the FSA direct farm ownership program. Applications must be approved by September 30, 2015, to take advantage of the funding available.
Eligible farmers can borrow up to $300,000 to buy farmland, construct or repair buildings, pay closing costs, or promote soil and water conservation. The interest rate can be as low as 1.5 percent with up to 40 years to repay.
New farmers, military veterans, and underserved farmers also are encouraged to apply. Each year Congress targets 80 percent of available loan funds to beginning and targeted underserved farmers. Targeted underserved groups include American Indians or Alaskan Natives, Asians, Blacks or African Americans, Native Hawaiians, or other Pacific Islanders, Hispanics and women.