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Money for Beginning Farmers, Nurseries, Agribusinesses


Dean Boggs, Mid-Atlantic Farm Credit
http://www.mafc.com/default.asp
Question and Answer Session, Including Other Speakers

Low-Interest Loans For:
  • Agribusiness, Dairy, Equine, Nursery and Greenhouse
  • Low-Interest Loans For Young, Beginning and Minority Farmers
Interview Highlights
  • Farm Credit System started in 1916 as a government program to give credit to people in the Agriculture Industry. In 1968 it became a non-government association that finances agriculture
  • Financing for livestock, machinery, farm real estate or production loans
  • 15% of their business is in rural homes
  • They price dynamically - it can be as low as 5¾ %
  • Low-interest rate loans for young farmers ( 1¼ % less interest )
Eligibility
  • Less than $2 million in sales plus
  • 25 years old or younger, or
  • 10 years or less of farm experience, or
  • Minority, including women who own 51% of business
  • They work together with Maryland Agriculture and Resource-Based
Industry Development Corporation (MARBICO)s
  • MARBICO will finance part of the project and they finance the other part
  • The government will subsidize the interest rate and can get them as low as 3.685%
  • They have Dairy Loans where Land-O-Lakes will subsidize the interest rate on the loans, for milk tank upgrades ( 0% interest )
  • They will help identify government programs to bring down the cost of the money
  • Local County Extension Service has programs to help people prepare business plans and financial statements to apply for money
    ( To Find Your Local County Extension Service, go to: http://www.csrees.usda.gov/Extension/ )
  • They also re-finance farms
  • People who borrow money from them become owners of the company and share in the profits of all the loans. This gets you money back and makes your loan cheaper
This video was made at Future Harvest SASA Annual Convention
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