FSA loan

[chadreed88]

Anyone ever get this loan? What did you think about it and is it worth it? Thanks

 

[I luv herfrds]

Got a loan for a 10,000 bushel grain bin. Wasn't too bad. Paid it off a couple of years early too.
Interest wasn't too bad, better then a few other places we looked at. Rates should be pretty low right now.
Only thing I can tell you is one loan at a time and make sure the first loan is paid off before you get another one. Don't let them talk you into getting stuff you don't need.

 

[TheBullLady]

Are you talking about an operating loan, or for land / livestock purchase? Their interest rates can't be beat, but there are quite a few guidelines, and the application is huge. It's very restrictive.. you have to have a business plan, and you have to stick to it as long as they hold the loan. They will come out and check periodically to make sure you are sticking to the plan as well. It's government money, so the money is not always available. First come first served, and when the money for that year runs out, they won't make any more loans until the "fund" gets more money in it. Minorities are considered a priority in loan selection. You have to have been turned down (with documentation) by at least two lenders in the past.

 

[Auburn_Ag]

Are you talking about an operating loan, or for land / livestock purchase? Their interest rates can't be beat, but there are quite a few guidelines, and the application is huge. It's very restrictive.. you have to have a business plan, and you have to stick to it as long as they hold the loan. They will come out and check periodically to make sure you are sticking to the plan as well. It's government money, so the money is not always available. First come first served, and when the money for that year runs out, they won't make any more loans until the "fund" gets more money in it. Minorities are considered a priority in loan selection. You have to have been turned down (with documentation) by at least two lenders in the past.

TheBullLady is right to a T.
I got my first loan many years ago. It was called a student/youth loan to purchase cattle. I think I was 15 and my sister was younger. Interest rate was cheep, some where around 3-4% at the time and I paid annually. It is a great program if you have kids. Now if you are older like ThebullLady said, you have to have documentation of being turned down by 2 lenders. Try looking at the farm credit lender in your area. Some times they have some programs that might help

 

[Busterz]

FSA has several types of loans. The posts above describe the FSA loan program pretty well in general. They have the lowest rates but they are proabably a little bit more difficult to work with than other lenders.

 

[Earl Thigpen]

Never have borrowed money from FSA but I would sure like to thank them for the nice baler I bought the other day. FSA repo. 2006 model with maybe a hundred bales through it - maybe. Paint still on the chain sprockets and pick up teeth.