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Illinois Dixon Springs Agricultural Center

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Illinois Dixon Springs Agricultural Center. Farm Service Agency, USDA. Tim Reynolds, F arm Loan Manager, Vienna [email protected] John Gehrke, Farm Loan Specialist, Vandalia [email protected] Illinois Farm Loan Program Delivery. FSA’s Role in Rural America.
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Illinois Dixon Springs Agricultural CenterFarm Service Agency, USDA
  • Tim Reynolds, Farm Loan Manager, Vienna [email protected]
  • John Gehrke, Farm Loan Specialist, Vandalia [email protected]
  • Illinois Farm Loan Program DeliveryFSA’s Role in Rural America
  • FSA Farm Loan Programs provide loans, loan
  • guarantees, and business planning to eligible farm operators and owner / operators
  • FSA partners with commercial lenders
  • FSA is the “Lender of First Opportunity”
  • Barriers In Obtaining CreditAdequate Repayment AbilityCollateral For The LoanLender Comfort ZoneFSA Farm Loan ProgramsCORE BUSINESS• Provides supervised credit• Improves access to specialized financing • Risk Management• Farm planning and counseling.• Sustained financial planning services.• Helps American farmers achieve their goalsFSA Farm Loan Programs (FLP)Loan EligibilityLoan Products
  • Farm Operating
  • Microloans
  • Farm Ownership
  • Guaranteed Loans
  • Loan Eligibility
  • Test for credit
  • Farm experience and managerial ability
  • Good credit history
  • Owner/operator of a family sized farm
  • Positive repayment ability
  • U.S. Citizen or legal resident
  • Borrower training
  • What is a Microloan An operating loan (OL) that:
  • Does not exceed $35,000
  • Outstanding loan balance does not exceed $35,000
  • Microloans have an abbreviated application process and are made to eligible applicants to finance farm operating costs.
  • Microloan
  • Improves access to credit
  • Reduces the paperwork burden
  • 1 year of farm operating and management experience
  • Maximum loan amount of $35,000
  • Repayment period range from 1- 7 years
  • These loans are for smaller farming operations and niche agriculture commodity producers
  • 70% of the farms in the US have gross sales under $25,000
  • Security For Microloans
  • For annual operating purposes: FSA must have a first lien on farm products produced and additional security up to 150% when available.
  • For term loan operating purposes: FSA must have a first lien on items purchased (Loans must be secured at 100%).
  • Illinois Micro Loans
  • Plastic Mulch Layer
  • Water Wheel Setter
  • Microloan Application
  • Application FSA -2330 “Request For Microloan Assistance”
  • Balance sheet
  • Cash flow budget summary
  • Written description of applicant’s farm training and experience
  • Credit report fee
  • AD-1026 “Highly Erodible Land Conservation and Wetland Conservation Certification”
  • Direct deposit information
  • Verification of non-farm income (IF needed for a positive cash flow)
  • Previous years income and expenses and production if available
  • FSA -2370 “Request For Waiver Of Borrower Training”
  • Direct Operating Loans
  • Direct annual operating loans
  • $300,000 maximum loan amount
  • Maximum term is 18 months
  • Direct term loans
  • $300,000 maximum loan amount
  • Maximum term is 7 years
  • 1 year of farming operating and management experience Loan PurposesEssential Farm Operating Start up expenses Crop expenses Tools & equipment Livestock Minor farm improvements Irrigation equipmentSecurity Requirements For Direct Operating Loans
  • For annual operating purposes: FSA must have a first lien on farm products produced and additional security up to 150% when available.
  • For term loan operating purposes: FSA must have a first lien on items purchased with loan funds and additional security up to 150% when available.
  • Direct Real Estate Loans
  • Beginning farmer down payment loan “5-45-50”
  • Participation Loan “50-50”
  • 100% Loan financing
  • Direct Farm Ownership Loan Purposes
  • Used to acquire farmland
  • Make capital improvements
  • Can not be used to refinance debts
  • Beginning Farmer Down Payment5-45-50
  • Applicant provides a minimum down payment of 5% of purchase price
  • FSA can finance up to $225,000 or 45% of purchase price (whichever is less)
  • FSA interest rate is currently 1.5% & maximum terms are 20 years (second mortgage)
  • FSA Security will be a second lien on the real estate being purchased.
  • Beginning Farmer Down Payment5-45-50
  • 3-10 years experience farming
  • Unable to get credit elsewhere
  • Owner/operator of farm to be purchased
  • Cannot own more than 30% of the Median Farm Acreage in that County.
  • Joint Financing Plan 50-50
  • FSA loans up to 50% of amount financed
  • Another lender provides a minimum of 50% with a first mortgage
  • 100% Real Estate Loan Financing
  • FSA loans up to 100% of the purchase price or appraised value whichever is less ($300,000 maximum loan amount).
  • FSA Security will be a first lien on the real estate being purchased and additional security up to 150% when available.
  • Guaranteed LoansFSA provides commercial lenders with a 90% guarantee
  • Loan limit is $1,355,000
  • Farm Operating Loans
  • Purposes
  • Crop expenses
  • Tools & equipment
  • Livestock
  • Farm Ownership Loans
  • Purposes
  • Acquire farmland
  • Capital improvements
  • Can also be used to refinance debts
  • Rural Youth Loans Loan up to $5,000 to finance a modest income/agriculture related project for a youth, age 10 to 20. Must be sponsored by a project advisor, such as 4-H or FFAIllinois Loan ProcessingNoninsured Crop Disaster Assistance Program (NAP)
  • FSA County Office
  • Eligible Crops
  • Application & Fee
  • Crop Reporting
  • FSA USDA Web Siteshttp://www.fsa.usda.govhttp://start2farm.gov/
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