New farmers and ranchers are eligible to apply for loans of up to $35,000, according to a press release from the Oregon Farm Service Agency.
The newly announced microloan program, which targets new and beginning farmers and ranchers, includes an interest rate of 1.25 percent, with terms as long as seven years.
"This innovative offering will be more customer-friendly than our larger, more traditional loan programs," Oregon FSA Executive Director Lynn Voigt said in a prepared statement. "Farms and ranches seeking a smaller loan for start-up or operational needs now have a great new tool to consider."
Voigt said the microloan program is a perfect fit for farmers selling at farmers' markets or through community-supported agriculture, or CSAs.
Producers interested in the loans are asked to contact their local USDA service center.