This program is available for producers who need additional grain storage or would like to renovate existing storage. These loans can be for new construction or expansion of existing facilities. These loans will be at a fixed rate for a 7-year term. The April interest loan rate is 3 percent.
Applicants must show a need for additional storage and may not accept delivery or begin site preparation prior to approval, but you may sign purchase agreements or pay for the facilities prior to loan approval. You may accept delivery of parts, if a UCC-1 Financing Statement is recorded by FSA at the Register of Deeds prior to delivery. Requirements are:
- Current financial statement and cashflow showing repayment ability;
- Credit report will be ordered and must show a satisfactory rating;
- $45 non-refundable application fee and 15 percent cash down payment;
- Insurance required on structure with FSA/CCC listed as loss payee;
- Applicant must not be delinquent on a Federal debt;
- Compliance with local zoning laws.
If you are interested or have additional questions, please stop by the office or call 605-624-7060 Ext. 2.
Loan Assistance – Farm Loan Program (FLP)
FSA lends money and provides credit counseling to eligible applicants who operate family-sized farms and who are temporarily unable to obtain private, commercial credit. Several types of loans are offered through the Guaranteed and Direct Loan Programs: Farm Ownership, Farm Operating, Youth Loans and Emergency Loans. FSA makes and services Direct Loans for those unable to qualify for Guaranteed Loans. Currently, the April Direct Operating Loan interest rate is 3.25 percent.
The Farm Service Agency has a loan program to assist persons between the ages of 10 and 20 with an income-producing project. If you have a family member who is interested, they may borrow up to $5,000. The project must be initiated, developed and carried out by rural youth participating in 4-H, FFA or similar organizations. The project must generate enough income to meet expenses and debt repayment. The April interest loan rate is 3.25 percent. Please call 605-624-7060 ext. 2 for more details.
The United States Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beli-efs, reprisal, or because all or part of an individual's income is derived from any public assistance programs. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA's TARGET Center at 202-720-2600 (voice and TDD).
To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider and employer.