Gov. Benigno R. Fitial and Lt. Gov. Eloy S. Inos, in conjunction with USDA's Farm Service Agency (FSA), and through the CNMI Department of Commerce, are pleased to announce loan opportunities for farming related activities. Activities include a wide range of livestock and crops.
According to Fred A. San Nicolas, assistant manager for USDA-FSA's Farm Loan Program, “FSA provides loan opportunities through two primary programs. The first one is the Guaranteed Loan Program, where conventional lenders (the banks) lend to applicants with a 90-percent loan guarantee backed by the USDA-FSA. The second is through Direct Loans, where loans are made and serviced directly by FSA. The average annual percentage rates can change month to month, but remains fixed once the loan is closed.”
Commerce deputy secretary Ivan A. Blanco added, “These types of opportunities are a breath of fresh air for our local entrepreneurs. The administration, through Secretary Igisomar, continues to support these types of programs with the partnership of our Small Business Development Center (SBDC) to assist the local Sabalu Farmers Association and family size farms. I also applaud the initiative by the USDA-FSA to provide these types of opportunities for those already in the farming sector and those interested in farming.”
For further information, please visit the USDA-FSA website at:
http://www.fsa.usda.gov/FSA/webapp?area=home&subject=landing&topic=landing
In addition, you may contact Fred A. San Nicolas via email: fred.sannicolas@pb.usda.gov or by phone toll free at 234-0896. (Office of Governor)
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