BANGOR – The Penobscot County Farm Service Agency announced the availability of funding for socially disadvantaged individuals who want to purchase or operate a family-size farm.

This special financing is for people who have been subjected to racial, ethnic or gender inequality without regard to their individual qualities. SDA members include women, African-Americans, American Indians, Hispanics, Asian and Pacific Islanders and Alaskan natives.

This program provides direct and guaranteed assistance in the form of farm operating and farm ownership loans. Direct loans are made to applicants from FSA. Guaranteed loans are issued by lending institutions, but typically 90 or 95 percent of the loan is guaranteed by FSA if the loan fails.

Ownership loans provide capital to purchase or enlarge a farm, construct or improve buildings, promote soil and water conservation and pay closing costs. Direct ownership loan terms are up to 40 years. Guaranteed loan terms are established by the lender.

Qualified candidates are provided informational and assistance to develop sound management practices, analyze problems and use available resources essential for successful farming operations to cope with the changing agricultural environment.

SDA loan applicants do not receive automatic approval. Individuals must be U.S. citizens with a satisfactory history of meeting credit obligations; have sufficient education, training or experience managing or operating a farm; possess legal capacity to incur debt; and be unable to obtain credit elsewhere.

Contact the Penobscot County FSA office for more loan information at 947-3555.