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USDA Loans for Cattle/Farming Start Up
Posted on 9/14/15 at 9:48 pm
Posted on 9/14/15 at 9:48 pm
Any of you guys went this route?
4
Posted on 9/14/15 at 10:30 pm to Hoyt
If it's the 50k first time start up loan I read up on. The one I looked into was basically a fed loan for people who didnt have the credit to get a loan through a financial institution.
Had a co-worker that was going to do it but he had to have proof he had been rejected by a bank. Called a bank and they offered better terms than the FDA loan
Know another guy that was after a 1mm first time farm loan to farm wheat. Of course they wouldn't give it to him without proof he was a wheat farmer. They wanted to see his books showing expenditures and profit/loss.
I looked hoping to find one that gave you 1 year before a payment was due
Had a co-worker that was going to do it but he had to have proof he had been rejected by a bank. Called a bank and they offered better terms than the FDA loan
Know another guy that was after a 1mm first time farm loan to farm wheat. Of course they wouldn't give it to him without proof he was a wheat farmer. They wanted to see his books showing expenditures and profit/loss.
I looked hoping to find one that gave you 1 year before a payment was due
Posted on 9/15/15 at 12:20 am to Hoyt
Hoyt - What state are you located?
Posted on 9/15/15 at 6:07 am to Hoyt
I would like to hear more about this. There a spot in Nevada that an old man just vacated and it's perfect for grazing.
Posted on 9/15/15 at 6:07 am to nelatf
Alabama
Posted on 9/15/15 at 6:37 am to Hoyt
Talk with your local FSA office. There are 90/10 options along with others. You most likely will need to be turned down by a conventional bank to take advantage of these programs.
Posted on 9/15/15 at 7:29 am to Hoyt
Alabama Farm Credit 18776816087
Alabama Ag Credit 1-800-579-5471
Sounds like you would qualify for a YBS loan - which gets you a better interest rate and easier credit terms. When you call - tell them what county you live in and tell them you need an officer that deals with cattle.
Also - they will underwrite the FSA deal, usually at a lower rate and better terms - and quicker turnaround. I think both are preferred FSA lenders. If you go straight FSA, ask about the micro loan program - I am sure Bama has this product. Alabama FSA
Opt to be a stockholder if you go with either of the first two - most cases it will cost 1,000 bucks and can be rolled into the note. That will allow you to get a patronage.
Alabama Ag Credit 1-800-579-5471
Sounds like you would qualify for a YBS loan - which gets you a better interest rate and easier credit terms. When you call - tell them what county you live in and tell them you need an officer that deals with cattle.
Also - they will underwrite the FSA deal, usually at a lower rate and better terms - and quicker turnaround. I think both are preferred FSA lenders. If you go straight FSA, ask about the micro loan program - I am sure Bama has this product. Alabama FSA
Opt to be a stockholder if you go with either of the first two - most cases it will cost 1,000 bucks and can be rolled into the note. That will allow you to get a patronage.
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