The U.S. Department of Agriculture (USDA) has announced the launch of the Southern Farmers Financial Association (SFFA), a new cooperative aimed at improving access to capital for farmers in the Southeast. This initiative is supported by $20 million from the Inflation Reduction Act, intended to attract private sector investment, hire staff, and initiate outreach and lending activities.
Cornelius Blanding will serve as acting chief executive officer of SFFA, with Shirley Sherrod as acting secretary and Calvin King as acting treasurer. The leadership team brings extensive experience in farming and farm finance.
Agriculture Secretary Tom Vilsack stated, “The launch of the Southern Farmers Financial Association furthers the Biden-Harris USDA’s vision to keep farmers farming.” He emphasized that this organization would support small farms by providing an alternative model for outreach and farm lending.
Zach Ducheneaux, Administrator of USDA’s Farm Service Agency, highlighted his personal connection to farming challenges during past crises and expressed optimism about reaching farmers through this partnership. Dr. Basil Gooden, USDA Under Secretary for Rural Development, pointed out that access to capital has long been a barrier for small farmers in the southeast region.
SFFA aims to secure strategic certifications and additional funding sources by collaborating with organizations like Farm Credit system and Co-Bank or working towards becoming a Community Development Financial Institution (CDFI).
Shirley Sherrod noted that supporting southern farmers is crucial for rural economies across the south. Cornelius Blanding remarked on building tools for family farms' sustainability, while Calvin King spoke about opening opportunities for historically underserved farmers.
The USDA continues efforts under the Biden-Harris Administration to expand access to capital through various programs aimed at keeping farms operational while making its services more equitable.
