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LOAN HELP FOR FARM STORAGE BUILDINGS |
| (10/05/2011) |
| Farm Storage and Facility Loan Program
FSA's Farm Storage and Facility Loan (FSFL) Program provides low-interest financing for producers of eligible commodities to build or upgrade farm storage and handling facilities. The new maximum principal amount of a loan through FSFL is $500,000. Participants are required to provide a down payment of 15 percent, with Commodity Credit Corporation (CCC) providing a loan for the remaining 85 percent of the net cost of the eligible storage facility and permanent drying and handling equipment. Loan terms of seven, ten, or twelve years are available depending on the amount of the loan. Interest rates for each term rate may be different and are based on the rate which CCC borrows from the Treasury Department. Payments are available in the form of a partial disbursement and the remaining final disbursement. A partial disbursement of up to 50 percent of the total loan amount will be available, if desired, after a portion of the construction has been completed. The final disbursement will be made when all construction is completed. An FSFL must be approved before any site preparation or construction can begin. The following commodities are eligible for farm storage facility loans: corn, grain sorghum, soybeans, oats, wheat, barley, or minor oilseeds; hay; renewable biomass; fruits (including nuts) and vegetablescold storage facilities. For information on FSA programs contact the Gilmer-Calhoun FSA Office at (304) 462-7171 extension 2 or visit the office located in the Glenville Post Office Building, Room 122. Special accommodations will be made, upon request, for persons with disabilities, vision or hearing impairments. Please call if accommodations are required.
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