Area Farmers Can Benefit from New USDA Microloan Program

Do you need new portable grain storage and handling equipment but are not sure if you can afford it? If so, the United States Department of Agriculture (USDA) has a deal that you may want to consider! Available through the Farm Storage Facility Loan program, the USDA recently announced a new financing option for producers that are interested in purchasing portable storage and handling equipment. This new loan program’s main goal is to assist farmers, particularly new or small to mid-sized farmers, grow their respective businesses.

The heart of this new financing program is being termed a “microloan” option. Mainly for producers seeking a smaller loan and needing a smaller down payment, a microloan allows applicants to apply for a loan of less than $50,000 and pay a reduced down payment of 5 percent. In addition, there is no obligation to provide three years of farm production history or inability to secure commercial credit in order to apply.

Larger farming operations that may not be eligible to participate in the microloan program still have the traditional loan option available to them. Participants of the traditional loan program must pay a down payment of 15 percent but are able to request loans of up to $500,000. Loan terms vary, depending on the amount of the loan, as do interest rates. If you are interested in more information on either the microloan or traditional loan, please visit the USDA website or your local Farm Service Agency office.

Whether you opt for the microloan or traditional loan, as soon as your loan is secured, come visit the professional team at FS Construction Services. We at FS Construction Services are proud to provide our customers the very best in both permanent and portable grain handling and storage systems. Whether you need bin wells, conveyors or augers, we will work with you to be sure you have the proper tools you need to most efficiently handle and transfer your crop.

You can depend on Gateway FS Construction Services to provide you the grain storage and handling systems that you need most, when you need it.  Give us a call at 866-551-3454 and let our specialists help you choose a portable grain handling or storage system to meet your specific needs.  We look forward to providing you the best customer service experience.