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Fewer Virginia farmers will be getting loans from the Fanners Home Administration (FmHA) this year. A change in the FmHA’s lending authority has left the organization with $11.8 million less for direct operating loans to Virginia farmers this year.
To offset the decline in direct lending, however, FmHA has authority to guarantee $43.2 million in operating loans from other lenders.
Available FmHA money is being loaned on a first-come, first-served basis.
FmHA is not abandoning the farmer. It will guarantee 90 percent of the principal and interest for those fanners who meet requirements, even after the money for direct loans has run out.
FmHA also will help farmers apply for guaranteed loans. But the fanners will have to find an actual
78.9%