Recovery Act Funding Loans in Rural Washington

(Spokane, WA), March 17, 2009 – Melissa Cummins, Acting State Executive Director for USDA’s Farm Service Agency announced today that FSA in Washington will fund 36 additional Farm Operating Loans from American Recovery and Reinvestment Act of 2009 funds. These loans total $3.9 million in additional capital to help the Washington rural farm economy.

Nationwide, Farm Service Agency staff will immediately use $145 million of the $173 million provided in the Recovery Act for its Direct Operating Farm Loan Program, which will give 2,042 farmers direct loans from the agency. It is notable that almost 50% of these loans are to beginning farmers and 10% are to socially disadvantaged producers.

"These loans will go to work purchasing farm equipment, feed, seed, fuel and other operating expenses. Rural communities and Washington growers can use this help to keep our farms and ranches operating,” said Cummins.

All remaining funding will be allocated through approved loans until all available funds have been expended. Applications are considered on a first come, first served basis with special emphasis placed on beginning and socially disadvantaged applicants. The maximum loan amount is $300,000.

In keeping with the president's goal for the Recovery Act, this loan funding is intended for proper investment into the agricultural sector, to benefit both family farmers and rural economies. The Recovery Act was designed to preserve or create millions of jobs throughout the country and these loans help ensure that recipients remain financially viable and local agri-businesses benefit from direct purchases.

For specific information on direct operating loans and other FSA farm loan programs, please visit your FSA county office or our website at http://www.fsa.usda.gov.