FOR IMMEDIATE RELEASE
February 27, 2003
Contact:  Erin K. Kelly
(717) 846-2828
ekelly@pasen.gov
Back

Waugh Holds Press Conference to Announce Changes to Several State Loan Programs

Agricultural producers can now participate in low-interest loan programs

YORK, PA – Sen. Mike Waugh (R-York) invited agricultural producers to participate in the state’s Small Business First (SBF), Machinery and Equipment Loan Fund (MELF) and Next Generation Farmer Loan Programs at a press conference held with the Pennsylvania Landscape & Nursery Association (PLNA) on Thursday at Shiloh Nurseries, Emigsville.

“At one time, there were no low-interest loan programs that agriculture could take advantage of, and the only option available to a farmer was to go to a commercial lender or farm credit and pay higher interest rates,” Sen. Waugh said. “Farmers must be given the opportunity to make investments in their operations necessary to remain economically viable, and recent legislation I sponsored provides these types of self-help tools.”

Sen. Waugh, chairman of the Senate Agricultural and Rural Affairs Committee, sponsored legislation last year that allows agricultural producers to obtain SBF loans, which had previously not been available to farmers. The program offers low-interest loans for land and building acquisition and construction, machinery and equipment purchases, and working capital.

Companion legislation also allowed farmers to be eligible for the MELF program, which provides low-interest financing to acquire and install new or used machinery or equipment, or to upgrade existing machinery and equipment.

Sen. Waugh also sponsored legislation to establish the Next Generation Farmer Loan program in statute, ensuring its continuity. The NextGen Program helps first-time farmers purchase land, equipment, buildings, and breeding livestock.

Other speakers at the press conference included: Gregg Robertson, President of PLNA; Mike Gerhart, Agricultural Economic Development Consultant, Regional Economic Development District Initiatives (REDDI); and Carl Jacobs, owner of Shiloh Nurseries. Following the press conference, Carl Jacobs offered a tour of the nursery with additional commentary as to how his business will benefit from the expanded loan opportunities granted to agricultural producers.