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Increase The Capacity Of Your On-farm Storage With A Farm Storage Facility Loan
By Kris
Under the Farm Storage Facility program, a farmer or a rancher can easily increase the storage capacity of the grains on their farms or ranches. These loans by the FSA or the Farm Service Agency aim to provide encouragement to the farmers as well as the ranchers in helping them to construct on-farm grain storages. This will consequently aid the farmers and the ranchers become accustomed identity preserved storage and managing genetically enhanced production.
A farm storage facility aims to provide family size farmers and ranchers with financial solutions who are otherwise not eligible for from other conventional sources of credit like the bank, Farm Credit System, institution and moneylenders. The farm storage facility is provided through the Commodity Credit Corporation that enables farmers and ranchers to construct or improve farm storage as well as handling facilities.
Eligibility Criteria
Under the Farm Storage Facility program, an applicant must fulfill the requirements listed below in order to qualify:
Firstly, to be eligible for this benefit, he must not be delinquent on a Federal non-tax debt and must be an owner of a fully functioned operational farm or a ranch, which produces farm commodities and thus establishes a need for an extra on-farm grain storage capacity.
Secondly, besides this, he must also have a good credit history and must be in a financial position to repay the debt of the Farm Storage Facility Loan.
Terms and Conditions of the Program
An advantage of this program is that there is no upfront fee. Moreover, the
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rate of interest is variable. The period is up to a maximum of seven years and the maximum amount of is $100,000. While there is facility of annual payment frequency, there are no penalties for pre-payment of the debt resulting from this loan. Under this program, 15% of the net cost of the financial assistance secured has to be paid fully in cash by the applicant. The down payment does not include any kind of trade-in, discounts, deferred payments, postdated checks or rebates. The amount of the farm storage facility loans has to be repaired in equal amortized installments.
Since it is not possible for farmers and ranchers to always be economically in a stable condition, extra funding can prove to be a major problem for them. Their income is greatly dependent on a variety of uncontrollable factors like the weather, supply of water and other natural calamities. Thus, the FSA provides viable financial solutions to such individual, who cannot accrue to credit from anywhere else. By making for farm storage facility loans, the FSA funds farmers and ranchers who need financial aid in building and constructing farm storage and handling facilities.
In addition to the farm storage facility loans, the FSA also is known to provide sugar storage facility loans to producers. This makes it possible for the FSA to sanction loans to processors of sugar cane and sugar beets, in order to build or upgrade storage and handling facilities for raw sugar and refined sugar.
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