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USDA Farm Service Agency Approves First Micro Lender in Montana

 

September 26, 2018



USDA News Release

U.S. Department of Agriculture (USDA) Montana Farm Service Agency (FSA) Executive Director Mike Foster recently announced approval of the first guaranteed agricultural Micro Lender in Montana.

Through FSA’s EZ Guaranteed Loan program, Native American Community Development Corporation (NACDC) Financial Services, Inc. of Browning, Montana, can now offer their agricultural customers loans for up to $50,000. FSA guarantees up to 95 percent of the loan.

These loans can be used to finance operating costs, such as livestock, feed, seed, fertilizer, tools, fencing, equipment and living expenses as well as farmland and building purchases, and soil and water conservation improvements.

According to the current Census of Agriculture, 75 percent of all farm operations gross less than $50,000 per year. EZ Guarantee Loans offer a streamlined version of USDA guaranteed loans and are tailored for smaller scale operations. Participation in the guaranteed loan program allows lenders to leverage their money to extend additional credit to their customer base that may not be possible without a guarantee.

NACDC Financial Services, Inc. addresses critical needs in Native American communities related to the growth of family assets, supports economic development, and enhances the quality of life for communities and residents located on or near Montana’s seven Indian reservations and throughout the state. NACDC Financial Services, Inc. provides one-on-one technical assistance to Native American entrepreneurs and agricultural producers. NACDC Financial Services, Inc. is a 501(c) (3), certified Native Community Development Financial Institution (CDFI), through the U.S. Department of Treasury.

In addition to NACDC Financial Services, Inc.’s support for Native American communities, EZ Guarantee loans offered by the lender are available to all eligible agricultural producers statewide.

 
 

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