Changes to the Farm Storage Facilities Loan (FSFL) program were announced at a roundtable discussion in Ohio.
A smaller microloan option with lower down payments is now available to producers, including those who fall into the small and mid-sized categories. The down payment for individuals seeking less than $50,000 is set at five percent with no requirement to provide three years of production history.
"As more communities reconnect with agriculture, consumer demand is increasing for food produced locally or regionally," said FDA Administrator Val Dolcini. "Portable handling and storage equipment is vital to helping farmers get their products to market more quickly and better maintain product quality, bringing them greater returns. That's why we've added this type of equipment as a new category for our Farm Storage Facility Loan program."
The list of commodities eligible for the Farm Storage Facility Loan expanded at the beginning of the year to include items ranging from nuts to oats. FSFL microloans can be utilized to finance the washing and packing of equipment after harvest.The changes to the Farm Storage Facilities Loan program are designed to advance the USDA’s “Know Your Farmer, Know Your Food” initiative. More information can be found on www.fsa.usda.gov/pricesupport.