The U.S. Department of Agriculture (USDA) Iowa Farm Service Agency (FSA) executive director, John Whitaker, today announced that farmers and ranchers still have time to apply for low interest 2014 loans available through FSA’s direct farm ownership program. The deadline to submit applications is Sept. 30.
Eligible producers can borrow up to $300,000 in direct farm ownership loans to buy or enlarge a farm, construct new farm buildings or improve structures, pay closing costs or promote soil and water conservation and protection. The interest rate on select loans can be as low as 1.5 percent, with up to 40 years to repay.
"This is an extraordinary opportunity for more farmers and ranchers to get low-interest loans to start their first farm, or expand an existing family farm," said Whitaker. "There are no backlogs or waiting for funding. If you’ve dreamed about starting a farm, or if you’re looking to strengthen your farm, we want to help."
FSA encourages all interested applicants to contact their local FSA office to speak with a loan representative. Additional information about this and other programs administered by FSA is also available at www.fsa.usda.gov.