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Michigan Ag News Headlines |
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FSA Loans Available to Assist in Farm Transfers
Michigan Ag Connection - 01/12/2021
The USDA's Farm Service Agency has loan programs to assist individuals in obtaining annual operating credit, to purchase cattle or machinery, and to purchase or improve farm real estate.
The agency is also available to help other lenders under joint financing type arrangements when the amount of credit needed by an applicant exceeds the FSA direct loan limits of $400,000 on operating and/or personal property loans, and $600,000 on Direct Farm Ownership loans.
Program officials say loans are funded based on the date of application, but during times of limited funding, loans to Beginning Farmers and Underserved Applicants (women and/or minority owned operations) are given priority.
For those thinking about transferring the farm to the next generation, FSA has loan programs that can assist qualified individuals to acquire and own their own farms.
For questions regarding any farm loans, contact your local FSA Office or go to: http://offices.usda.gov.
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