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

This financing is for people who have been subjected to racial, ethnic or gender inequality. Eligible people 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 loans fail.

Operating loans may be used to purchase livestock, equipment, feed, seed, and other business related expenses.

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.

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.

For loan information, contact the Penobscot County FSA office at (207) 947-3555.