(NAFB) – Farm Credit institutions increased their support of young, beginning and small farmers and ranchers across the country in 2020.

The Farm Credit Administration reported the increase last week. In 2020, Farm Credit made 65,800 loans to producers whose age was less than 36 years, compared to 49,100 in 2019 and 46,680 in 2018. Similarly, the dollar amount of loans outstanding to young farmers grew to $33.6 billion at yearend 2020 compared to $31 billion at yearend 2019. O

ver the past three years, Farm Credit made more than 160,000 loans to young agricultural producers for $33.7 billion. Meanwhile, over the past three years, Farm Credit made nearly a quarter of a million loans to ag producers with ten years or less of experience to help them get started in production agriculture. And, at the end of 2020, nearly half, 49.8 percent, of all loans outstanding in the Farm Credit System were to ag producers with less than $250,000 in farm sales.