The Farm Storage Facility Loan Program provides low interest financing so producers can build or upgrade facilities to store commodities.
Faribault County FSA Executive Director Nicki Miranowski says now is the time for interested producers to start the process as it takes at least 2 months to get the application approved.
Miranowski says there are a lot of things that can be covered by the loan. The loan can be used for more than just grain bin and handling equipment, it can also be used for new and used trucks and grain carts.
The maximum loan amount for storage facilities is $500,000. The maximum loan amount for storage and handling trucks is $100,000. In 2016, the FSA introduced a new loan category, the microloan, for loans with an aggregate balance up to $50,000. Microloans offer a 5% down payment requirement, compared to a 15% down payment for a regular FSFL and waive the regular three year production history requirement.
Producers with questions can contact their local FSA office.