The South Dakota Department of Agriculture has financial programs available for new and existing agricultural producers.
In an effort to assist young people to stay in South Dakota and carry on their family's farming/ranching operations, the SDDA participates with the Value Added Finance Authority's Beginning Farmer Bond Program. This bonding authority enables beginning farmers to acquire agricultural property for lower interest rates on a bank or contract for deed loan.
The SDDA offers other agriculture loan programs that allow the department to offer loan guaranties and participations with local lenders.
These loans are available for buying livestock, financing value-added production, processing, and marketing business ventures and enterprises. The loans can also be used to fund the purchase of land needed for a project, buildings and improvements, and machinery or equipment.
For additional information on any of the financial programs offered through the VAFA or the SDDA, contact your local lender or Michael Schelske, SDDA, at 605-773-5436. All program summaries and application forms are available on the SDDA website at www.state.sd.us/doa/ag_dev/loan.
Source: SD Department of Agriculture