As part of a broader range of changes to USDA FSA Farm Loan Programs, the U.S. Dept. of Agriculture has announced a major expansion in the Farm Storage and Facility program.
Storage and facility loans provide low interest financing to farmers who are wish to upgrade or expand their operations. The changes to this particular loan program include 23 new categories of eligible equipment for fruit and vegetable producers. Notably, Farm Storage and Facility loan security requirements have been eased for loans between $50,000 and $100,000.
*DOWNLOAD USDA FACT SHEET ON LOAN PROGRAM CHANGES HERE*
Previously, all loans in excess of $50,000 required a promissory note and additional security, such as a lien on real estate. Now loans up to $100,000 can be secured by only a promissory note.
USDA suggests small and mid-sized farmers check out this page for more information about specific tools and resources available to them.
For more specific information about FSA programs including the Farm Storage Facility Loan Program, visit your FSA county or regional office. You can also find FSA online.
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