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Summary

The Warren County Extension Agent collaborated with the UGA Small Business Development Center to promote a Loan Disaster Assistance Program to area farmers. She also assisted them with business plans and financial outlooks needed to complete loan applications. These loans were instrumental to farm enterprise survival through the struggles brought on by the Covid-19 pandemic.

Situation

Covid-19 took a toll on all agricultural commodity prices as well as market stability and predictability. Beef cattle producers had cattle that were ready to market but could only do so at a greatly reduced price. Holding them led to more loss with increased labor and inputs. Row crop producers were in the middle of securing operating funds and getting prepared to plant. Business plans for these enterprises were impossible to implement due to the effects of Covid-19.

Response

The Warren County Extension Coordinator collaborated with the UGA Small Business Development Center to promote a Loan Disaster Assistance Program offered by the United States Small Business administration. These two offices also offered technical assistance to farmers that needed help with process.

Impact

With the Extension Coordinator’s assistance twenty – seven farmers applied for loans through this program. These farmers all received grants of $1,000 for each employee in their agricultural enterprise whether they were, granted the loans or not. Collectively, area grants totaled $54,000 and the loans totaled $2,487,000. All applicants were offered loans of various amounts depending on the size of their farming operation and their individual needs. These loans made it possible for farmers: Refinance existing loans at lower interest rates • Have an extra year before another payment is due • Formulate a new business plan

State Issue

Sustainability, Conservation, and the Environment

Details

  • Year: 2020
  • Geographic Scope: Multi-County
  • County: Warren
  • Location: College Station, Athens
  • Program Areas:
    • Agriculture & Natural Resources

Author

  • Cheely, Tammy W.

Collaborator(s)

Non-CAES Collaborator(s)

  • Small Business Administration
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Extension Impact