To qualify for a beginning farmer loan, you must be 18 years of age or older, a legal resident of Missouri, and prove that your employees are legally authorized to work.
Instead of navigating different loans for different purposes, you can package all of your funding needs in one loan and monthly payment. This is a convenient way to buy farm land and buildings, stock your farm with essential equipment, and purchase breeding livestock if that’s part of your business plan. Therefore, banks are incentivized to lend to beginning farmers, and can share their tax savings by attaching lower interest rates to beginning farmer loans.Įligible beginning farmers can apply for financing of up to $524,000 to purchase anything and everything needed to start a farm in Missouri. Local lenders in Missouri qualify for federally tax-exempt interest on loans to new farmers. So it’s not surprising that there’s so much support for agricultural development, most notably through Missouri’s Beginning Farmer Loan Program. According to the Missouri Department of Agriculture, there are “nearly 100,000 farms located on more than 28 million acres” and the industry provides jobs to about 250,000 residents. Missouri is a great place to be a new farmer because agriculture is such an important part of our state’s economy. Missouri’s Beginning Farmer Loan Programīefore you seek beginning farmer loans from the federal government, examine your options at the local level. Keep reading to learn more about financing options for beginning farms in Missouri. As another option, the United States Department of Agriculture (USDA) also offers microloans to beginning farmers as well as women farmers and other historically under-served groups. While there are many small loan and grant programs and tax incentives to help new and established farmers and ranchers, Missouri has two large loan programs for beginning farmers that can help cover most of your start-up costs. Are you thinking about starting your own farm or ranch in Missouri?įinding the right financing is one of the most important steps you’ll take at the beginning of your journey to working your own land.
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