Farm Service Agency allocates funds for minorities and women
SPOKANE – The U.S. Department of Agriculture Farm Service Agency has a portion of its farm loan program funds specifically allocated for minority and women producers.
Loan funds can be used to purchase farms, livestock and equipment. They may also be used to operate the farm, build or repair farm service buildings, pay for soil and water conservation practices and in some cases refinance debt. FSA offers both direct and guaranteed loans.
“While FSA farm loans are available to all qualified applicants, by setting aside funds specifically for minorities and women, it ensures that they will receive a portion of available funds,” FSA Washington state executive director Judy Olson said in a news release.
For direct loans made by FSA to purchase a farm, the terms may extend to 40 years with a current interest rate of 4 percent. Special programs are available for participation with a commercial lender. For rates and terms and down payment requirements, contact the local FSA office.
Direct operating loans may be made for 1-7 years with a current interest rate of 2 percent, which is subject to change.
The FSA guaranteed loans are made by banks or other lenders for which FSA guarantees up to 90 percent of any loss. The guaranteed loan program includes both operating and real estate loan programs.
For additional information contact Houston Bruck, FSA farm loan manager at 509-924-7350 or the FSA office in Spokane, 8815 E. Mission Ave., Suite B, Spokane Valley WA 99212.