By Jamie Martin
The U.S. Department of Agriculture (USDA) has unveiled the Southern Farmers Financial Association (SFFA), a newly established cooperative aimed at supporting small farmers in the Southeastern United States. Backed by $20 million from the Inflation Reduction Act, this initiative seeks to empower farmers by providing them access to crucial financial resources.
Managed initially by Cornelius Blanding, Shirley Sherrod, and Calvin King, SFFA is positioned to address the unique challenges faced by smallholder farmers, including access to capital and technical assistance. The association is expected to leverage additional private sector funding, expand its staff, and enhance its outreach and lending efforts to effectively support its member-owners.
This collaborative effort aligns with the Biden-Harris administration's commitment to promoting equitable growth in agriculture and supporting rural economies. By fostering a cooperative model, the SFFA aims to ensure that more farmers have the opportunity to sustain and develop their farming operations amidst financial challenges.
The initiative also includes partnerships with organizations like the Farm Credit system and aims to secure Other Financial Institution (OFI) status and become a certified Community Development Financial Institution (CDFI). These strategic moves are designed to amplify the association's impact and extend its reach to more farmers in need.
With this significant investment, the USDA continues to champion innovative solutions that support the agricultural sector, ensuring that farmers not only survive but thrive in today’s challenging economic landscape.
Photo Credit: usda
Categories: National