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Ag News
USDA provides farm loans to Kansas
Published Monday, November 16, 2009 at 05:57 AM
"This has been a record setting year for number of loans made and dollars loaned," said Polansky. "Some of this year's funding was made available through the American Recovery and Reinvestment Act of 2009 to stimulate rural economies."
Kansas FSA processed 931 Direct and Guaranteed Farm Operating Loans totaling $88,583,914. These loans helped Kansas producers plant and harvest crops, purchase livestock and machinery, or reorganize their business. Of those, FSA approved $4,382,730 to 103 qualified Socially Disadvantaged Applicants, $23,226,567 to 325 qualified beginning farmers, and $335,956 to 101 qualified youth applicants.
To purchase or improve real estate or reorganize the farm business, Kansas FSA processed 349 Direct and Guaranteed Farm Ownership Loans totaling $58,484,921. Of those, FSA approved $4,185,480 to 29 qualified Socially Disadvantaged Applicants, and $30,906,762 to 214 qualified beginning farmers. To help producers recover from losses due to natural disasters Kansas FSA approved eight Emergency Loans totaling $614,930.
For purposes of FSA farm loan programs, socially disadvantaged groups include women, African Americans, American Indians, Alaskan Natives, Hispanics, Asian Americans, and Pacific Islanders. Beginning farmers include those that have farmed less than 10 years.
FSA makes loans to purchase and operate family size farms. Loan funds can be used to finance livestock, farm equipment, annual operating expenses, and most other farm related expenses. Interest rates vary from 1.5% to 4.875% depending on loan type. Applicants must meet eligibility requirements which are outlined on the FSA website at www.fsa.usda.gov. Anyone having questions or wanting to make an appointment with a loan officer shall contact FSA at the local USDA Service Center. USDA is an equal opportunity employer and provider. #
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