Farm Service Agency announces loans

EPHRATA - Several loans are now available for farmers and 4-H and FFA youth in the Basin.

The U.S. Department of Agriculture's Farm Service Agency announced this week they are accepting applications for their farm storage facility loans and 4-H and FFA youth loans. The agency also announced they allocated funding specifically for loans for women and minority farmers.

The Farm Storage Facility Loan Program allows producers of eligible commodities to obtain low-interest financing to build or upgrade farm storage and handling facilities. Commodities that are eligible under the loan include honey, hay, fruits and vegetables, pulse crops, corn, rice and oats, among others.

The new maximum principal amount of a storage facility loan is $500,000. Participants are required to provide a down payment of 15 percent.

Additional security is required for poured-cement open-bunker silos, renewable biomass facilities, cold storage facilities, hay barns and for all loans exceeding $50,000.

Loan terms of seven, 10 or 12 years are available depending on the amount of the loan. Interest rates for each term rate may be different.

The FSA also has loans available to help youth establish and operate income-producing agricultural projects in connection with 4-H clubs, FFA and other agricultural groups.

Projects must be planned and operated with the help of the organization advisor, produce sufficient income to repay the loan and provide the youth with practical business and education experience.

Youth ages 10 to 20 are eligible for the loan, which has a maximum amount of $5,000. The current April interest rate is 2 percent.

The agency also announced that a portion of its farm loan program funds have been specifically allocated for women and minority producers.

For more information on any of the loan programs, contact the Grant County FSA office at 509-754-2463 ext. 2.