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 6 Steps to Get Farm and Agricultural Loan

6 Steps to Get Farm and Agricultural Loans

by FarmAgLoans | Posted on Nov. 6, 2013


farm loan steps
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  1. Create a professional farm business plan

    First thing to consider in getting a farm loan is to have a proper and professional business plan. This is very significant and important before filing for an application. The business plan should hold all the essential and concrete information about your loan. It's advisable to seek advice from an expert financial consultant about your loan and business plan.


  2. Prepare all the necessary documents and paperwork involved

    Getting a farm loan can be tiresome because of the amount of paperwork involved on the process especially for beginning farmers. Mainly, you will need a resume with your background and past experiences on farming. Income tax returns, supporting materials and eligibility requirements are also required when you are visiting a loan officer.


  3. Visit your local FSA office for available loan programs

    The US government through FSA offers variety of farm loan programs and farm loan types for both beginning and experienced farmers. For beginning farmers, there is a direct and guaranteed loan that has low interest rate and good terms. Please visit your local FSA office here for the available loan programs you may want to avail.


  4. Apply for the accurate loan from FSA that suits your needs

    Once you have selected the appropriate loan programs for your needs, go ahead with filling for an application. Also know the availability of the loan. Apply for it early and don't wait until you are running out of funds. The loan officer may take some time before approving your loan. Application forms and instructions here.


  1. Consider a USDA Rural Development Business and Industry Guaranteed Loan

    This farm loan is more flexible which you may apply for variety of farming purposes and farming needs. Loan amount may range up to $40 million and terms may range between 7 to 30 years. More info here.


  2. Obtain other funding sources and financing options

    Just in case you're not sure about acquiring a farm loan from FSA, you may consider acquiring the loan directly from a commercial bank. You must have a good credit history and also a business plan when visiting the bank. Community development corporations and USDA Northeast Sustainable Agriculture Research and Education (SARE) are also considered other funding sources for a farm loans.


For more detailed information, please visit our farm loans resources below:

http://www.fsa.usda.gov/Internet/ FSA_File/fsa_br_01_web_booklet.pdf
http://www.cfra.org/resources/Publ ications/Beg_Farmer_loan_programs.htm
http://www.agmrc.org/business_ development/starting_a_business/ raising_money/articles/obtaining_ a_business_loan.cfm
http://www.smallfarm.org/main/for_ new_farmers/new_farmer_q_and _a/what_about_loans_grants_and _capital/

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6 Things You Need To Know Before Applying for a Farm Loan
7 Tips to be a Successful Beginning Farmer

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