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Farm Service Agency Low Interest Storage Loans are Available

 


The Farm Service Agency’s Farm Storage Facility Loan (FSFL) program provides low-interest financing to producers to build or upgrade storage facilities and to purchase portable (new or used) structures, equipment and storage and handling trucks.

The low-interest funds can be used to build or upgrade permanent facilities to store commodities. Eligible commodities include corn, soybeans, oats, wheat, barley, hay, honey, renewable biomass, fruits, nuts, vegetables, floriculture, hops, maple sap and syrup, rye, milk, cheese, butter, yogurt, meat and poultry, eggs, and aquaculture.

Qualified storage facilities/structures include grain bins, hay barns, bulk tanks for milk and maple sap and cold storage facilities for eligible commodities. Eligible equipment includes, but is not limited to: augers, bale wrappers, conveyors, dryers, food safety equipment, hay wagons, refrigeration units, skid steers and walk-in coolers.

Loans up to $50,000 can be secured by a promissory note/security agreement and loans between $50,000 and $100,000 may require additional security. Loans exceeding $100,000 require additional security. Interest rates for loans approved in January are 1.625% for 3 & 5 year loans, 1.75% for 7 year loans and 1.875% for 10 & 12 year loans. Rates are fixed for the term of the loan.

Producers do not need to demonstrate the lack of commercial credit availability to apply. The loans are designed to assist a diverse range of farming operations, including small and mid-sized businesses, new farmers, operations supplying local food and farmers markets, non-traditional farm products, and underserved producers.

For more information visit http://www.fsa.usda.gov/pricesupport or contact your local FSA county office. Producers in Franklin County are encouraged to contact the Franklin County FSA office at 151 Finney Boulevard in Malone or calling 518-483-2850, option 2 for more information. Clinton & Essex County farmers can contact the Clinton-Essex FSA office by calling 518-561-4616, option 2 or visiting the office at 6064 Route 22, Plattsburgh.

USDA is an equal opportunity provider, employer and lender.

 

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