General operating and family living expenses are due within 12 months or when the agricultural commodities sell. Interest rates are calculated monthly and are posted on the 1st of each month.įor the Direct Ownership Microloan, the maximum term is 25 years.įor the Direct Operating Microloan, the repayment period will vary depending upon the purpose of the loan. The interest rate charged is always the lower rate in effect at the time of loan approval or loan closing for the type of loan wanted. FSA's Direct Farm Ownership loan interest rate applies to Farm Ownership Microloans. A loan applicant may have a Guaranteed Operating loan, Farm Ownership loan or Emergency loan and still qualify for a Microloan.įSA’s Direct Operating loan interest rate applies to Operating Microloans. The $50,000 limit includes any possible outstanding FSA Direct Operating or Farm Ownership unpaid principal loan balances. The maximum loan amount for either Microloan is $50,000. Rural Youth loan recipients with a successful repayment history, or youth who have participated in an agriculture-related organization, can meet the modified managerial ability requirements with those experiences.Small business experience plus any farm experience, along with a self-guided apprenticeship, is a way to meet the farm management requirement. Modified farm managerial experience requirements accommodate smaller farm operations, beginning farmers, and those with no farm management experience.The Microloan program allows for situations where production yield history or reporting is impractical, not relevant to the proposal submitted, or is not available.Successful repayment of an FSA Youth loan may be used towards the required 3 years of management experience.Verification of non-farm income unnecessary unless required for repayment.Pay for qualifying OSHA compliance standards (Federal or State).Marketing and distribution costs, including those associated with selling through Farmers’ Markets and Community Supported Agriculture operations. GAP (Good Agricultural Practices), GHP (Good Handling Practices), and Organic certification costs.Livestock, seed, fertilizer, utilities, land rents, family living expenses, and other materials essential to the operation.Maple sugar shack and processing equipment.May be used as a Downpayment Farm Ownership Loan.Build, Repair, or Improve farm buildings, service buildings, farm dwelling.When you meet with your FSA county Farm Loan Program staff, you may be asked to complete additional forms based on applicable loan program requirements for the loan type. *All FSA direct loan applications require the same basic forms. Application Forms* FSA-2001, Request for Direct Loan Assistance
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