USDA Farm storage facility Loan Program Micro or full 3 years production?

Question

Any one have any experience with the USDA Farm Storage Facility Loan program?  I need to do a small upgrade to an existing dryer set up for this fall, a couple of fans, and a burner on the end of an existing dryer.   Looking at the Micro loan up to $50,000 loan how fast can they turn it around?

Answer

Depends on your office and how far behind they are took me 6 months to get an operating loan

Answer

Got a micro loan to buy a grain trailer. Yes it depends on your local office’s experience...loan took about four weeks only because they didn’t know all the paperwork, so I’d have to sign or produce something every couple days as they would read the manual or talk with more experienced office’s. To make the process easier get a loan guarantee letter from a bank. Interest rate wasn’t set until county committee approved loan but it was best rate anywhere...during our process ( pre-covid to full covid ) the rate moved up then down a full point. Rate usually low and stable. The short...I’d do it again but know it won’t happen over night.

Answer

Best interest rate!  Getting the application completed & approved in30 days is a dream. Plan on at least 2 months. You won’t get any $ until project is complete & operational. & then maybe another week. 
The paperwork is a pain & is part of why few people do it.

Call (844) 200-FARM

USDA Farm storage facility Loan Program Micro or full 3 years production?

Save on Select Herbicides + Adjuvants

Join the Community Forum. It’s Free.