The US Department of Agriculture will allocate over $500 million toward initiatives to help poor farmers and increase diversity in the industry
The funding announcement follows two new provisions signed into law under the Inflation Reduction Act last week that will allow the USDA to provide financial relief to farmers who are at financial risk and have been discriminated against by the agency.The USDA will allocate up to $300 million for projects to help struggling farmers, ranchers and forest landowners, including those who are poor, veterans and farmers of color, according to a department fact sheet provided to CNN.
"We believe this investment will mitigate a lot of the cost for young people that want to go into agriculture because the costs is a barrier," she said, adding that she hopes there is an investment in farmers trying to get into the market to buy land. "Our farmers are not competitive when it comes to buying land because they are being outbid by billionaires ... corporations, foreign entities and just larger farms and hedge funds," she said.
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