Friday, March 13, 2015

USDA, Farm Service Agency – Microloan Program Now Available in Marshall Islands


In partnership with the U.S. Small Business Development Center (SBDC), the U.S. Department of Agriculture (USDA), Farm Service Agency (FSA) microloan program is now available to agricultural producers of all types in Majuro, RMI.     
The microloan program was established to serve small-scale operations with access to up to $50,000 with a simpler application process, a low, fixed interest rate, and a maximum of seven years to repay.  Microloans can be used for initial start-up expenses; annual expenses such as seed, fertilizer, utilities and land rents; value-added processing, marketing and distribution expenses; and the purchase of livestock and equipment.
“SBDC business training and education, in combination with access to low-interest microloans, can provide producers with opportunities to increase their family income, promote local food self-sufficiency and help stimulate the local economy,” said FSA, State Executive Director, Diane Ley.
The Majuro SBDC will provide a direct link for producers to FSA programs and guide them in the loan application process.  The College of the Marshall Islands will provide training and educational workshops while the RMI Ministry of Resources and Development will provide technical assistance and help coordinate all government and non-government partners.

From (L) to (R):  Hiroshi V. Yamamura, Minister of Public Works and Acting Minister for Resources and Development; Anel N. Philimon, Director, RMI SBDC; Carl Hacker, President,  College of the Marshall Islands; Diane L. Ley, State Executive Director, USDA, Farm Service Agency.