Credit help

If you need alternatives for 2010 credit sources, USDA’s Farm Service Agency has a variety of lending options for farmers who cannot obtain credit from commercial banks or the Farm Credit System.

These options include:

• Direct loans finance land and buildings up to $300,000, with 50 percent coming from elsewhere.
• Operating loans finance input purchases and living expenses up to $300,000.
• Emergency loans help recover from disaster, restore property, and pay living costs.
• Beginning farmers can get direct and guaranteed loans to start up an operation.
• FSA loans will help socially disadvantaged farmers buy and operate family farms.
• Youth loans of up to $5,000 help ages 10-20 finance income producing enterprises.

In addition, farm storage loans are also now available from FSA which will cover grain storage. The loan limits have been raised to $500,000 and the loan term has been extended from a 7- to a 12-year payoff period. Funds will able be available for the construction stage.

Click here for more details.

Source: The Farm Gate Blog

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