Virginia Farm Service Agency Programs
USDA makes loans to producers to build or upgrade farm storage and handling facilities. Since the beginning of the program, Virginia FSA has extended low interest credit in the amount of nearly $5 million dollars.
Loans are made for on-farm facilities for commodities produced on the farm. In addition to loans for grain bins, FSA lends for construction of and upgrades to hay storage structures, renewable biomass storage, and cold storage equipment and structures for fruits and vegetables.
The maximum loan amount is 85% of the net cost, up to $500-thousand. Loan terms of 7, 10, or 12 years are available, and dependent on the loan amount.
Interest rates for January, 2014 are:
- 2.250 % for loans with 7 year terms.
- 2.875 % for loans with 10 year terms.
- 3.000 % for loans with 12 year terms.
To apply for a Farm Storage Facility Loan, or for more information visit your local FSA Service Center.
Other FSA Programs
Currently, Congress is working through the process for putting together a new Farm Bill. The Farm Bill defines the programs offered by FSA.
Check with your local FSA office for details on the status of new and coming programs.