The CEO of the Farm Credit Administration says startup costs are one of the many challenges facing young, beginning and small (YBS) farmers.
Glen Smith says for producers who don’t have upfront capital, they will need additional sources of income. “In working with lenders, we’ve talked about diversifying off farm income, the need for a vibrant rural economy that provides those jobs so that you’re not possible relying on that ag enterprise entirely.”
Smith says there are immediate operating loans for machinery and livestock, but acquiring land is a different challenge.
