In the News

Part of the mission at the national Farm Credit System is to support young and beginning farmers. Western AgCredit, a member of the Farm Credit System, also understands the importance of this agricultural sector and supports this group of producers throughout Utah and surrounding counties in Wyoming, Arizona and Nevada. Through special financing options developed to meet the unique needs of this group, Western AgCredit has been able to provide millions of dollars to help young and beginning farmers grow and maintain their businesses.

Each year, the national Farm Credit System reports on its support of beginning farmers from the previous year. The 2015 results are in and include the following metrics:

•Nearly 80,000 new loans to this group (totaling just under $13 billion)

•12% increase - Number of loans to beginning farmers and ranchers

•More than 1 in 5 Farm Credit loans was made to these new producers

Kenneth A. Spearman, Farm Credit Administration Board Chair, expressed his excitement about the improvements: “We are pleased to see the improvement in loans made to young, beginning, and small farmers in 2015.”

The results show a significant increase in Farm Credit lending to beginning farmers and ranchers. Since farming and ranching are very capital intensive, it is essential to have financing options to help young and beginning producers get started. Armed with the knowledge of local agricultural conditions and the ability to tailor financing programs to this specific group, Farm Credit is truly an expert in the ag lending industry.

On a more local level, in 2015 Western AgCredit provided lending to many new farmers and ranchers in its region. It made nearly 250 loans to beginning farmers and ranchers totaling nearly $53 million. Additionally, 40% of loans Western AgCredit made in 2015 were to young and beginning producers.

Along with the national Farm Credit System, Western AgCredit is committed to providing the essential credit rural communities and agriculture need to grow and thrive. One such program offers beginning farmer loans for Young, Beginning and Small operators. It gives an allowance on loan approval standards so they can qualify for better interest rates. Additionally, there are government guarantees young and beginning farmers can obtain that might provide a decreased interest rate.

Check into the best loan program for you.