The Farm Storage Facility Loan program allows Monroe and Appanoose County farmers to obtain low-interest financing to build or upgrade storage and handling facilities.
The maximum principal amount of a FSFL loan is $500,000. Participants are required to provide a minimum down payment of 15 percent, with CCC providing a loan for the remaining 85 percent of the net cost of the eligible storage facility and permanent drying and handling equipment. Loan terms of 7, 10 or 12 years are available depending on the amount of the loan. Interest rates for each term may be different and are based on the rate which CCC borrows from the Treasury Department. The current rate for a 7 year FSFL is 1.125 percent.
Loan applications must be submitted to the FSA county office that maintains the farm's records. Producers are reminded that loans must be approved before any site preparation or construction can begin.
The following commodities are eligible for farm storage facility loans:
•Corn, grain sorghum, soybeans, oats, wheat, barley or minor oilseeds harvested as whole grain
•Corn, grain sorghum, wheat, oats or barley harvested as other-than-whole grain
•Fruits (including nuts) and vegetables for cold storage facilities.
For additional information about FSA’s FSFL program contact the Monroe-Appanoose County FSA office at (641) 932-7134.