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Saturday, April 19, 2014

SBDC offers new loan program for farmers

From left, Perry A. Inos Jr. , CNMI SBDC director; Fred A. San Nicolas, assistant manager, Farm Loan Program, USDA-FSAA; and Ivan A. Blanco, Commerce deputy secretary Gov. Eloy S. Inos and Lt. Gov. Jude U. Hofshneider, through the Department of Commerce’s CNMI Small Business Development Center (SBDC) in partnership with USDA’s Farm Service Agency (FSA) are pleased to announce loan opportunities for farming related activities.

According to FSA assistant manager Fred A. San Nicolas, “The new Microloan (ML) Program has less stringent managerial experience and income verification requirements, along with a simpler loan application for operating loans up to $35,000. The ML application is streamlined, but FSA’s mission is to help individuals become successful agriculture business owners, and so we like to let people know they must have a solid business proposal and meet FSA eligibility, repayment and collateral requirements.”

CNMI SBDC director Perry A. Inos Jr., commented, “The CNMI SBDC is able to provide technical assistance for business planning through one-on-one consulting with prospective FSA applicants.”

Commerce deputy secretary Ivan A. Blanco added, “These types of opportunities are a breath of fresh air for our local entrepreneurs. The administration, through Commerce Secretary Sixto Igisomar, continues to support these types of programs with the partnership of our Small Business Development (SBDC) office to assist the commercial 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.”

This program complements USDA FSA’s Operational Loan Program that is also available. Such farm activities include start up costs and operational costs for family sized farms and commercial farms for purchases of livestock, agricultural products, machinery, seedlings, etc.

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 director Inos at the CNMI SBDC at 664-3018 or perry@pacificsbdc.com as well as Fred A. San Nicolas at fred.sannicolas@pb.usda.gov. (Office of the Governor)

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