New online tool helps farmers identify USDA farm loans

Farm Loan Discovery Tool is one of many resources on farmers.gov to help connect farmers to information that can help their operations.

July 18, 2019

3 Min Read
New online tool helps farmers identify USDA farm loans
Farmers.gov

A new online tool can help farmers and ranchers find information on U.S. Department of Agriculture farm loans that may best fit their operations. USDA has launched the Farm Loan Discovery Tool as the newest feature on farmers.gov, the Department’s self-service website for farmers.

“Access to credit is critical in the agriculture industry, especially for new farmers,” said Bill Northey, USDA undersecretary for farm production and conservation. “This new interactive tool can help farmers find information on USDA farm loans within minutes. We are working to improve our customer service, and part of our solution is through improving how farmers can work with us online.”

USDA’s Farm Service Agency (FSA) offers a variety of loan options to help farmers finance their operations. From buying land to financing the purchase of equipment, FSA loans can help. Compared to this time last year, FSA has seen an 18% increase in the amount it has obligated for direct farm ownership loans, and through the 2018 farm bill, it has increased the limits for several loan products.

USDA conducted field research in eight states, gathering input from farmers and FSA farm loan staff to better understand their needs and challenges.

“We received suggestions from both farmers and our staff on how to improve the farm loan process, and we wanted to harness this opportunity to be more efficient and effective,” Northey said. “This feature is one step in our efforts.”

Related:Farmers.gov features help on managing loans, H2A applications

Farmers who are looking for financing options to operate a farm or buy land can answer a few simple questions about what they are looking to fund and how much money they need to borrow. After submitting their answers, farmers will be provided with information on farm loans that best fit their specific needs. The loan application and additional resources also will be provided.

Farmers can download application quick guides that outline what to expect -- from preparing an application to receiving a loan decision. There are four guides that cover loans to individuals, entities and youth, as well as information on microloans. The guides include general eligibility requirements and a list of required forms and documentation for each type of loan. These guides can help farmers prepare before their first USDA service center visit with a loan officer.

Farmers can access the Farm Loan Discovery Tool by visiting farmers.gov/fund and clicking the “Start” button. Follow the prompts, and answer five questions to receive loan information that is applicable to your agricultural operation. The tool is built to run on any modern browser like Chrome, Edge, Firefox or Safari and is fully functional on mobile devices. It does not work in Internet Explorer.

Related:Farmland values keeping farm economy afloat

In 2018, USDA unveiled farmers.gov, a dynamic, mobile-friendly public website, combined with an authenticated portal, where farmers will be able to apply for programs, process transactions and manage accounts.

The Farm Loan Discovery Tool is one of many resources on farmers.gov to help connect farmers to information that can help their operations. Earlier this year, USDA launched the My Financial Information feature, which enables farmers to view their loan information, history, payments and alerts by logging into the website.

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