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Tractor Talk Discussion Forum

Grants or low interest loans for begining farmers

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Youngfarmhand

11-09-2006 16:37:36




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I was wandering if anybody had any experience with grants or FDA loans for begining farmers. I've always been a hired hand, but someday would like to have about a 150 acres.




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barnrat

11-10-2006 06:49:57




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 Re: Grants or low interest loans for begining farm in reply to Youngfarmhand, 11-09-2006 16:37:36  
We started farming when I was 24, six years ago. We borrowed exclusivley through FSA, our current rate is 3.75 on a note that covers machinery and a few dairy cows. We had most of our dairy animals when we started and now that we've farmed for more then 5 years we are eligible to buy the farm we are renting through fsa financing. Which we will be doing in September 2007 when our current note is paid off. The big things FSA will want if you apply will be a business plan includung projected numbers(which they will modify). You will also need to be ineligble for financing from conventional lending sources. One thing that will help you get looked on more favorably by the government for funding is if you are female or another monority. Our notes are in my wifes name.

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WyoDave

11-09-2006 17:26:19




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 Re: Grants or low interest loans for begining farm in reply to Youngfarmhand, 11-09-2006 16:37:36  
The FSA is where most of my loans came from. I bought 400 acres and then cattle and machinery and they're also the source for my operating note. I rent the rest of my land. They have first time farmer programs especially for that. Their interest rates will be the cheapest. My interest is fixed on the land at around 4% and my operating note was 3.25% last year. They are rising though just with all other interest. You need 3yrs of schedule F's as I recall and you can only borrow up to 250,000 for land. After that they'll guarantee loans, where you get a loan from a bank or other institution and they'll guarantee it. There are other restrictions too, such as your land has to appraise for more than the purchase price, etc. Talk to your local FSA office and they should have a loan officer that will get you a list of requirements. It'd make it easier if you could get a little bit of farming going now, no matter how small and start filing a schedule F (profit or loss from farming) with your tax returns. My loan officer was great in getting me started.
David

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nickg

11-09-2006 17:01:34




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 Re: Grants or low interest loans for begining farm in reply to Youngfarmhand, 11-09-2006 16:37:36  
I would talk to your local farm credit service or your locall extension agent to head you in the right direction. I know that most government grants are hard to get and there are a lot of hoops to jump threw. When I first got a start the guy I helped farm in high school gave me a hand and our loca farm credit service had some very good loans and rates for first time farmers. Best of luck to you.

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Youngfarmhand

11-09-2006 17:08:09




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 Re: Grants or low interest loans for begining farm in reply to nickg, 11-09-2006 17:01:34  
Sounds like we got a lot in common



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