Puerto Rico farmers and ranchers still have time to apply for low interest 2014 loans available through the U.S. Department of Agriculture’s Farm Service Agency’s direct farm ownership program. The deadline to submit applications is September 30, 2014, FSA Executive Director, Juan M. Ortiz-Serbiá, said Wednesday.
Eligible producers can borrow up to $300,000 in direct farm ownership loans to buy or enlarge a farm, construct new farm buildings or improve structures, pay closing costs, or promote soil and water conservation and protection. The interest rate on select loans can be as low as 1.5 percent with up to 40 years to repay, he said.
“This is an extraordinary opportunity for more farmers and ranchers to get low-interest loans to start their first farm, or expand an existing family farm,” said Ortiz-Serbiá. “There are no backlogs or waiting for funding. If you’ve dreamed about starting a farm, or if you’re looking to strengthen your farm, we want to help.”
For more information about the program and other loans administered by FSA, visit any FSA county office or www.fsa.usda.gov.