Investment in young farmers strengthens Delaware’s economic future

Dover, Del. – Delaware farmers, between 18 and 40 years old have the opportunity to apply for the Young Farmers Loan Program through November 30, 2017. The program provides long-term, no-interest loans to help eligible farmers purchase land, reducing the financial impact on farmers just starting out or looking to expand.

“The Young Farmers Loan Program is a powerful commitment to young people entering agriculture that Delaware stands behind them, and supports their goals and dreams. This investment will strengthen Delaware’s economic future and pay off for decades to come,” said Secretary of Agriculture Michael Scuse.

Delaware farm field
The Delaware Young Farmers Loan Program helps eligible farmers purchase land that has at least 15 acres of cropland.

Applicants must have at least three years of farming experience, and their net worth must not exceed $300,000. Eligible farms must contain at least 15 acres of cropland and must not be enrolled in a conservation easement at the time of purchase. The 30-year, no interest loans may fund up to 70 percent of the value of a property’s development rights, defined as the difference between full market value and agricultural value, up to a maximum of $500,000.

Delaware’s Young Farmers Loan Program began in 2011 to help lower barriers to young people wanting to get started in farming. Thirty-three farmers have purchased land so far in all three counties, totaling 2,500 acres of farmland using $7.4 million in loans. That includes both individual farmers and couples, all seeking to purchase new land or expand their existing farms. Land purchased through the program is permanently preserved through the Delaware Agricultural Lands Preservation Foundation.

Interested applicants can visit the Department of Agriculture website, dda.delaware.gov, for an information and application packet, or contact Deputy Secretary Austin Short at 302-698-4500 or austin.short@delaware.gov.

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Media Contact: Stacey Hofmann, Community Relations Officer, 302-698-4542, Stacey.Hofmann@delaware.gov


Governor’s Weekly Message: Sustaining Delaware’s Strong Economy through Employment Growth

Wilmington, DE – In a guest weekly message, Delaware Economic Development Officer (DEDO) Director Bernice Whaley reviews the state’s efforts to sustain Delaware’s strong economic growth through efforts to attract and retain employers who recognize the value in Delaware’s welcoming business climate, highly-skilled workforce, and high quality of life.

“Delaware’s economy today is strong, with the lowest unemployment rate in a decade and job growth that leads the region,” Director Whaley said. “But that doesn’t happen by accident. Businesses today can choose to locate just about anywhere, and the Markell Administration works tirelessly to attract and retain employers — from the largest corporations that hire thousands of Delawareans, to our small businesses who collectively employ more people than any other sector, to entrepreneurs and start-ups with the next great idea. Through these and other initiatives we will continue to seek innovative ways to attract new businesses on the cutting edge of technology, grow and educate our workforce, and sustain our strong economic growth. And that will keep Delaware moving forward.”

Every week, the Governor’s office releases a new Weekly Message in video, audio, and transcript form. The message is available on:

YouTube: https://youtu.be/Xp26WcOYaEA
Delaware.Gov: http://governor.delaware.gov/podcast_video.shtml
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Transcript of the Governor’s Weekly Message: Sustaining Delaware’s Strong Economy through Employment Growth