For Immediate Release
Contact: Deborah Dufour,
Farm Loan Chief
207-990-9140
FSA Guaranteed Loan Program Update and Increased Loan Limits
(Bangor, ME), September 12, 2012 –Maine State Farm Service Agency (FSA) Farm Loan Chief Deborah Dufour, announced that guaranteed farm ownership loan funds for Fiscal Year 2012 have been exhausted. Farmers and ranchers in Maine received $4,665,142 in guaranteed farm ownership loans this fiscal year.
"Fiscal Year 2013 begins on October 1, 2012, and we anticipate that guaranteed farm ownership funds will be available in early October," said FLC Dufour.
FSA guaranteed loans allow lenders to provide agricultural credit to farmers who do not meet the lender's normal underwriting criteria. Farmers and ranchers apply for a guaranteed loan through a commercial lender, and the lender arranges for the guarantee. FSA can guarantee up to 95 percent of the loss of principal and interest on a loan. Guaranteed loans can be used for both farm ownership and operating purposes.
According to FLC Dufour, the guaranteed loan limit will increase to $1,302,000 starting on October 1, 2012.
"FSA is committed to providing credit through guaranteed and direct loans to eligible farmers and ranchers who need capital to continue or start their agricultural operation," said FLC Dufour.
For questions regarding guaranteed farm loans, please contact your lender or the Maine State FSA Office at 207-990-9140.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write to USDA, Assistant Secretary for Civil Rights, Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, S.W., Stop 9410, Washington, DC 20250-9410, or call toll-free at (866) 632-9992 (English) or (800) 877-8339 (TDD) or (866) 377-8642 (English Federal-relay) or (800) 845-6136 (Spanish Federal-relay).