(12/12/12) The Jackson County Farm Service Agency (FSA) reminds producers who may be considering upgrading or adding extra storage space for harvested crops next year that the Farm Storage Facility Loan (FSFL) program provides low interest loans for building or upgrading storage facilities.
Filing an application early will ensure the project is completed in time before next summer or fall when additional storage may be needed.
The maximum principal amount of a loan through FSFL has increased to $500,000 per structure. Loan terms of seven, 10 or 12 years are now available depending on the amount of the loan. Interest rates for each loan term are different and currently range from 1.125 percent to 1.875 percent however interest rates change monthly. Once the loan is approved, the interest rate is locked in for the length of the loan.
Applications for FSFL must be submitted to the FSA county office that maintains the farm's records. An FSFL 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
· Renewable biomass
· Fruits (including nuts) and vegetables – cold storage facilities, but not freezers
For more information about FSFL, please contact the Jackson County FSA Office at 715-284-4515 orn go to www.fsa.usda.gov.