The Farm Service Agency offers low-interest loans to producers to build or upgrade storage facilities and permanent drying and handling equipment.
Loan opportunities include new conventional-type cribs or bins, oxygen-limiting and other upright silo-type structures, flat-type storage structures designed for whole grain storage, perforated floors, safety equipment, quality improvement equipment, electrical equipment and concrete components considered essential for a fully functional storage facility. Loans are also available for remodeling existing storage facilities to increase storage capacity.
Farm storage facility loans must be approved prior to site preparation, equipment purchase and construction. They must be secured by a promissory note and security agreement. The maximum principal loan amount is $500,000.
Participants are required to provide a down payment of 15 percent.
Additional security is required for poured-cement open-bunker silos, renewable biomass facilities, cold storage facilities, hay barns and for all loans exceeding $50,000. New loan terms of seven, 10 or 12 years are available depending on the amount of the loan. Interest rates for each term rate may be different.
For more information, call the local FSA office, 920-834-2366, or visit www.fsa.usda.gov/wi.
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