Various farm loan programs available (Keeping the Farm)
(Editor’s note: Nivin A. Elgohary is the state executive director for Virginia Farm Service Agency.)
A farmer or rancher may receive both a $50,000 Farm Ownership Microloan and a $50,000 Operating Microloan.
No longer limited to a combined total of $50,000 for both microloans.
The Direct Operating Loan limit increases to $400,000 and the Guaranteed Operating loan limit increases to $1,750,000.
The Direct Farm Ownership Loan three-year-experience requirement includes more allowable experiences to qualify.
The Direct Farm Ownership Loan limit increases to $600,000,and the Guaranteed Farm Ownership loan limit increases to $1,750,000.
Equitable relief may be granted on direct farm ownership, operating, or emergency loans to certain farmers or ranchers who failed to comply with the terms of the loan due to an action of, or the advice of, an FSA employee. Socially disadvantaged and beginning farmers will receive a guarantee equal to 95 percent, up from 90 percent.
All borrowers who have received a debt write down or restructuring of a farm loan may be eligible for an Emergency Loan.
1-800-634-5021 410-822-3965 Fax- 410-822-5068
P.O. Box 2026 Easton, MD 21601-8925