Gov. Wolf invests $1.15M in financing to starting farmers

HARRISBURG, Pa. | Governor Tom Wolf introduced Monday awards of $1.15 million in tax-exempt, low-interest financing for 2 Lancaster County farms by way of the Subsequent Era Farmer Mortgage Program.

This system provides starting farmers entry to inexpensive capital to buy farmland or agricultural gear, reducing rates of interest and boosting farm income by way of a singular state-federal-private trade partnership, officers acknowledged.

“This program is a sound funding in feeding our future,” Gov. Wolf stated. “Placing our commonwealth on sound fiscal footing and reducing the boundaries that preserve younger individuals from getting into the sphere are two of the methods Pennsylvania is supporting the younger individuals who will feed us and feed our financial system tomorrow.”

With Subsequent Era Farm Loans, authorities say tax-exempt curiosity revenue to the lender or contract vendor permits them to cost the borrower a decrease rate of interest that’s exempt from federal, state, and county taxes.

Loans are authorized by the PA Division of Agriculture in partnership with the PA Division of Group and Financial Growth and native industrial growth authorities.

Program pointers and data and a listing of Industrial Growth Authority contacts are on-line. Farmers apply by way of their county’s Industrial Growth Authority.

Final month, $2.8 million in Subsequent Era Farm Loans had been awarded to 5 younger {couples} buying property to broaden or begin farm companies. As much as $15 million was allotted for this system in 2022, officers say.

For extra on this program in addition to the 2, starting farmers who acquired the awarded loans, go to the complete press launch on-line.

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