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.
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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.
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