Montana youth ages 21 and under may be eligible for up to $8,500 in loan financing through the Montana Department of Agriculture’s (MDA) Junior Agriculture Loan Program.
“With the average age of farmers and ranchers being nearly 60 years old, supporting the next generation is vital to Montana’s livelihood,” said MDA Director Mike Foster. “The Junior Ag Loan Program plays an important role in connecting young people who are passionate about pursuing projects in agriculture with the financing they need to get started.”
More than 60 young farmers and ranchers currently participate in the Montana Junior Agriculture Loan Program which was developed to assist rural youth in developing or expanding agribusiness projects. Program benefits often far exceed the actual loan for program participants. Many young men and women that were unable to secure conventional financing due to age or inadequate collateral have utilized the program as a means for establishing financing experience and advancing their project’s monetary value.
Projects can involve crop and livestock production, custom farming, marketing and distribution, processing, and other financially feasible activities. Up to 90 percent of projects can be financed through the program with repayment taking place for up to five years. Junior Agriculture Loan Program applications are available on the department’s website at agr.mt.gov/I-Want-To/Apply-For/Grants-Loans/Junior-Agriculture-Loans.