WASHINGTON — USDA is seeking comments on a new microloan program to help small and family operations in start-up years with resources, while building capacity, increasing equity and eventually graduating to commercial credit.
The proposal would improve USDA's Operating Loan Program with a microloan program. Under the proposal, producers who need a loan for less than $35,000 can apply using simplified and streamlined procedures. The program will cut the required paperwork in half and simplify the process to obtain a loan.
The improvement aim to offer a more efficient processing time for smaller loans, adding flexibility to some. . .
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