Program Description
Farm Storage Facility Loans (FSFL) are provided to encourage the construction of on-farm storage and handling facilities for eligible commodities. Eligible commodities include: corn, grain sorghum, oats, wheat, barley, rice, soybeans, peanuts, minor oilseeds, lentils, chickpeas, dry peas, hay, renewable biomass and cold storage facilities for fruits and vegetables.
General Program Requirements
Eligible FSFL participants must be (or soon to become) the producer on a farm that produces an FSFL eligible commodity. In addition, you cannot be delinquent on any Federal nontax debt and you must demonstrate a need for additional storage. In order to qualify for this benefit program, you must also have a satisfactory credit history and demonstrate the ability to repay the debt resulting from this loan.
Loan Terms
The interest rate is fixed for the loan term and based on the rate in effect for the applicable loan term during the month of the initial loan approval. Length of loan terms are 7, 10, or 12 years depending on the loan principal. The maximum loan amount is $500,000. One partial disbursement is available. There are no prepayment penalties, and annual payments are required.
