The future of agriculture is highly dependent on the next generation of producers. And it’s not easy to get started in farming and ranching. But even with the recent economic challenges, Farm Credit strengthened its commitment to young, beginning and small (YBS) farmers and ranchers in 2019.
The Farm Credit System loaned more money and made more loans to all three YBS categories last year, according to the Farm Credit Administration (FCA).
In 2019, Farm Credit increased the number of loans to young farmers by 5.9%, beginning farmers by 8.1% and small farmers by 7.8%, compared with 2018.
The dollar volume of those loans also increased in 2019, by 7.3% to young farmers, 8% to beginning farmers and 15.9% for small farmers.
As defined by FCA:
- A young farmer is age 35 or younger.
- A beginning farmer has 10 years or less farming experience.
- A small farmer has gross annual farm sales of less than $250,000.
Data was reported in the FCA’s 2019 Annual Report on the Farm Credit System’s Young, Beginning and Small Farmer Mission Performance, which was released this past summer.
Farm Credit lenders offer special programs and flexible underwriting to meet the unique needs of YBS farmers and ranchers.
Talk to your local loan officer to learn more about Farm Credit financing for YBS producers.