News & Resources

Many farmers in need of alternative credit

Jul 16, 2012 Sean Albert

The United States has seen a move away from the agriculture-based economy it once had over the last century. Farmers have been met with increased hardship since the early 1900s, and again in the most recent recession of 2008. However, more government agencies and lending firms are reaching out to prospective and existing farmers to help them find alternative credit. The Tri-State Neighbor recently reported that the United States Department of Agriculture's Farm Service Agency has upped its support of disadvantaged farmers in need of loans. On top of equipment loans, farmers often need consistent support to make it through off-seasons. In 2008, the University of Vermont published the results of a farm financing study that surveyed more than 700 farmers across the nation. According to the school, one quarter of the respondents applied for operating or capital financing, while one quarter of those were denied, leaving them with the task of seeking alternative finance avenues. According to the source, the FSA held its third annual Ag Women's Day in Brookings, South Dakota, to help further educate women in farming. At the event, the agency focused on the common hardships of women in agriculture, as well as how some have continued their success over the years.