One of the greatest barriers for next generation farmers is
the enormous investment required for starting a farm operation. Not only can the
cost of farmland be prohibitively high, but acquiring the necessary equipment
and improvements can also be a significant financial challenge. Many next
generation farmers have not had the opportunity to develop a financial track
record that allows them to qualify for conventional loans. Such hurdles can be
showstoppers for many seeking to follow their farm aspirations, but they don’t
have to be.
Colorado Land Link has recently been exploring what
opportunities exist in Colorado for next generation farmers to not only lease
land but to purchase if they are so interested. Many excellent loan options
exist out there to do exactly that, and Guidestone is developing resources that
help Colorado Land Link applicants in reviewing and determining which federal
or state loan program would best meet their start-up needs.
One such loaning agency is the Colorado chapter of the Farm
Service Agency (FSA). Beginning farmer loans are available for real estate,
livestock, inventory, and operations at very low interest rates. New producers
who are looking to expand their operations may also qualify. Interested
individuals may learn more about FSA Beginning Farmer loan programs by clicking
here or find their local FSA county office here.
Other options that can help applicants navigate are offered
through the Colorado
Agriculture Development Authority (CADA), which has a Beginning
Farmer Program that provides low interest loans to new farmers. The Colorado
Rural Rehabilitation Corporation offers excellent loan opportunities
to help beginning farmers get started as well. If qualified, there are real
estate and livestock loans available for the full amount with no down payment.
Contact David Lynch, Colorado Land Link Director at David@GuidestoneColorado.org
or 719.966.2237 if you are a beginning farmer with 10 years or less experience
in farming and are interested in opportunities that will help you grow your
farm dream.
