Washington-Oregon and Vermont farmers are the latest to benefit from low-cost loans to pay for fertilizer and other farm inputs and expenses made possible from funds available through the federal economic stimulus fund, which is officially called the American Recovery and Reinvestment Act of 2009. About $4.6 million in stimulus funds have backed loans for Oregon farmers and ranchers, according to Lynn Voigt, Oregon farm loan chief for USDA’s Farm Service Agency. He said because of the stimulus funds Oregon FSA was able to fund 57 direct operating loans for farmers in 15 different counties. The stimulus funds were used to fund loan requests already in the FSA’s oversubscribed operating loan pipeline, he said. About 53 percent of the loans went to beginning farmers who have been in production for less than ten years, Voigt said, adding that about $500,000 went to fund loans for farms operated by women and minorities. In Vermont, $1 million in stimulus funds is backing up to $6 million in low-interest financing. The Agricultural Credit Corp., an arm of the Vermont Economic Development Authority, is accepting applications for loans that may be used for this season’s operational costs or for financing or refinancing prior year’s operating costs. Loans are capped at $100,000 at a variable rate currently at 2 percent. Joe Bradley, the authority’s CEO, said the term for financing is generally two years or may be extended under certain circumstances. FSA spokesman Johnathan Groveman told Green Markets that in all, $173 million was allocated through the ARRA for direct operating loans to farmers in virtually every state. Immediately after this allocation, FSA began processing and approving applications, with over 2000 applicants across the United States receiving a share. “The full amount was distributed and producers have already started purchasing their needed supplies and equipment,” Groveman noted.
Transparency Across the Fertilizer Value-Chain