Farm storage facility loans available

Tuesday, December 24, 2013

Farm storage facility loans are now available for farmers and ranchers through the U.S. Department of Agriculture's Farm Service Agency (FSA).

Low-interest loans are available to grain producers to build new storage facilities or upgrade existing storage as well as permanent drying and handling equipment. Loans are available for new conventional-type cribs or bins, upright silio-type structures, flat=type structures for whole grain storage, performated floors, quality improvement equipment, concrete components considered essential for a a fully functioning storage facility, along with remodeling to increase storage capacity.

Farm storage facility loans must be approved prior to site preparation, equipment purchase or construction. The maximum principle loan amount is $500,000. Participants are required to provide a downpayment of 15 percent. Loans to build poured-cement open-bunker silos, hay barns, cold storage facilities and all loans exceeding $50,000 will require additional security.

Interest rates for each term may differ, based on money borrowed by the Commodity Credit Corporation from the U.S. Treasury Department.

For additional information, contact the Barry County FSA office at 417-847-2862.

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