Do you dream of owning your own farm or ranching operation? If so, you’ve probably wondered whether or not there are any financing programs that can help get you started. The short answer is yes! There are several, but they’re only accessible to those who know where to start looking.
Many of these financing and incentive programs are not well-known even within the agricultural community. But don’t worry, MSF Agriculture is here to help! The goal of this article is to introduce you to first-time farmer loans and how they can be acquired.
Most Notable USDA First-Time Farmer Loans
The United States Department of Agriculture (USDA) offers a variety of incentive programs for farmers who are just getting started. The most notable of these are:
Before you apply for a first-time farmer loan, it’s important to define your vision. Write down your preferred property size and the type of equipment you need. That way, a lender will be able to point you towards the financing option that’s best for your needs.
How to Apply for a First-Time Farmer Loan
In order to be able to qualify for any of the loans listed above, the USDA will require you to:
- Be a beginning farmer that has not “operated a farm or ranch for more than 10 years”
- Not own a farm that’s “greater than 30 percent of the average size farm in [your local] county”
- Meet all loan eligibility requirements
- Personally participate and contribute to your farming operation
If you’re able to meet the above criteria, your next step is to find a reputable lender. During this process, it will be important to remember that no two first-time farmer loans are identical. With that in mind, you should try to find a lender who will carefully listen to your needs and goals. This will be a key step in the process of finding the perfect loan for you and your farming business.
Apply for a First-Time Farmer Loan Today!
MSF Agriculture draws from extensive experience in the agriculture industry to help farmers with their financing needs. Contact us today, and we’ll help you get paired up with the right loan. With the right financing, you’ll be able to get your farm up and running in no time! We’re looking forward to hearing from you and helping you along your journey!