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Corn+Soybean Digest

Farm Storage Loan Approval Process Begins Next

The National Corn Growers Association (NCGA) is pleased the USDA’s Farm Service Agency (FSA) started accepting and approving applications for farm storage loans on Monday, Aug. 17. USDA has released notices to FSA state and county offices on the new regulations for the Farm Storage Facility Loan Program improvements authorized in the Food, Conservation and Energy Act of 2008.

“These loan changes are a great benefit to corn farmers,” NCGA President Bob Dickey says. “Better farm storage allows producers to improve future planning for their businesses and increasing loan length and amounts of loans will make a huge difference. Many farmers are pleased to have these new options available for their farming operations

Changes made in the 2008 Farm Bill include increasing the maximum loan limit from $100,000 to $500,000 and the maximum loan term from seven to 12 years. Additionally, the secretary of agriculture is now authorized to allow partial disbursement of the loan to assist in the construction of storage facilities and offer more options for farmers to be able to pledge security for the loan.

“We are excited that producers across the country now have access to a much improved program,” NCGA incoming First Vice President Bart Schott says. “NCGA worked closely on these important changes with members of Congress, including House Agriculture Committee Chairman Collin Peterson (D-MN), Representative Earl Pomeroy (D-ND) and Senator Kent Conrad (D-ND), during the past farm bill. Our organization appreciates the work these gentlemen put into making this a reality.”

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