News Releases

April 23, 2009

Loan Applications Being Accepted For New Agricultural Stimulus Financing

Montpelier, VT - Vermont farmers may apply immediately for the new agricultural stimulus financing available through VEDA’s farm lending program, the Vermont Agricultural Credit Corporation (VACC). VACC has up to $6 million in low-interest financing available, made possible by $1 million in federal economic stimulus funds from Vermont’s share of the American Recovery and Reinvestment Act.

The new loan funding is available to help farmers with this season’s operational costs – feed, seed, fertilizer or other needs – or, to refinance prior years’ operating costs. The stimulus financing has a variable rate, now at 2. The term for the financing is generally two years (although terms may be longer under certain circumstances), and the maximum loan amount is $100,000.

Detailed information about the program is available on VEDA’s website at www.veda.org. Applications may either be (1) filled out on-line and emailed to VEDA at applications@veda.org; or, (2) downloaded from VEDA’s website, filled out in print form, and mailed to VACC Farm Operating Loan Program, Vermont Agricultural Credit Corporation, 58 East State Street, Montpelier, Vermont 05602.

To learn more, Vermont farmers in need of financing are encouraged to speak with one of VACC’s experienced farm lenders by calling, toll-free, 1-866-828-FARM (3276).

Established in 1999, VACC is a nonprofit corporation that provides credit to farmers and agricultural facilities whose financing needs are not being fully met by conventional agricultural credit sources. VACC offers financing to strengthen or modernize existing farm operations, encourage diversification, support beginning farmers and encourage marketing and processing of Vermont agricultural products.

Source: Agency of Agriculture, Food and Markets
Last Updated at: April 23, 2009 15:50:24