Huntet02
KS
Wasn't sure which board to put this on-- desperate for tips.
IM in Kansas and the USDA/ FSA Micro loans here arent worth the paper printed on; i don't believe these folks want to help anyone.
Wanted to borrow $5K for cattle chute/better panels and see how the loan worked. So after filling out 10pages yest for Micro-loan Today they tell us we have to meet a test of credit AND have a bank denial letter in order to qualify. SAYYY WHAT? My bank will loan me $ and I've worked hard for my good credit but at 9% interest (just did it when I bought 1cow) i don't want to waste that much $. Loan Rep from FSA told me yest $5K would be $1000/yr for 7yrs at 3.75% what a tease! But today after she talked to her Mgr we gotta jump through 'idiot hoops' :deadhorse: to qualify. We tried applying 3 yrs ago and i forgot why we gave up. I work for the Fed Gov guess i should have known ..... :roll:
How is a small rancher supposed to get approved for this program?
My loan Reps exact words;
had forgotten that you have to meet the test of credit for micro-loans just like you do our regular direct loans. Basically, FSA cannot compete with commercial lenders. So if your bank is willing to make you the loan than you would not be eligible for an FSA loan. If you talk to you bank and they are willing to provide a "denial letter" then FSA could look at your loan application. I apologize that I did not discuss this with you yesterday, I was just reminded by my manager that test of credit is required for the micro-loan program also.
LIke to know how folks successfully use this program.
Thank you kindly
IM in Kansas and the USDA/ FSA Micro loans here arent worth the paper printed on; i don't believe these folks want to help anyone.
Wanted to borrow $5K for cattle chute/better panels and see how the loan worked. So after filling out 10pages yest for Micro-loan Today they tell us we have to meet a test of credit AND have a bank denial letter in order to qualify. SAYYY WHAT? My bank will loan me $ and I've worked hard for my good credit but at 9% interest (just did it when I bought 1cow) i don't want to waste that much $. Loan Rep from FSA told me yest $5K would be $1000/yr for 7yrs at 3.75% what a tease! But today after she talked to her Mgr we gotta jump through 'idiot hoops' :deadhorse: to qualify. We tried applying 3 yrs ago and i forgot why we gave up. I work for the Fed Gov guess i should have known ..... :roll:
How is a small rancher supposed to get approved for this program?
My loan Reps exact words;
had forgotten that you have to meet the test of credit for micro-loans just like you do our regular direct loans. Basically, FSA cannot compete with commercial lenders. So if your bank is willing to make you the loan than you would not be eligible for an FSA loan. If you talk to you bank and they are willing to provide a "denial letter" then FSA could look at your loan application. I apologize that I did not discuss this with you yesterday, I was just reminded by my manager that test of credit is required for the micro-loan program also.
LIke to know how folks successfully use this program.
Thank you kindly