Young Farmers Program is now accepting loan applications for its fourth round of funding.
The program provides long-term, no-interest loans to help eligible farmers purchase land, reducing the financial impact on farmers starting out and attracting more people to invest in agriculture.
Eligible farmers must be between the ages of 18 and 40, have at least three years of farming experience and a net worth of no more than $300,000. The loan money is used to help purchase farmland in Delaware that contains 15 tillable acres zoned for agricultural use.
Farmers must actively use the land for agricultural purposes for the term of the loans. The 30-year, no-interest loans may fund up to 70 percent of the value of the property’s development rights, defined as the difference between full market value and agricultural value, up to a maximum of $500,000.
All applications are due by Nov. 30.
For more information: dda.delaware.gov.