no welfare payments on this farm!!!!!!!! | it is my understanding there is a limit to the amount of the loan. right now i think it figures up to a 2% savings, it is my understanding that the bank that loans you the money does not have to pay tax on the profits they make from loaning you the money, so step one is there is less tax dollars that essentially you dont pay, hense they will get the money from somone else and you some other way. in the area i kow about it the limit is $300k and lets say 15 yrs. so if there is a 2% savings on ruffly $300k that is $6k per yearcorrect. So for uncle sam giving up $6k in tax dollars they would have got and will just get somewhere else, they get all this personal information, plus they get your signature which contractually bonds you to stay as their partner for the life of the loan. That may all be fine in your opinion right now, but dont forget the Epa is trying to change the waters of the usa maps and they just forced you to not even think about anything but letting them do it and say thankyou for $6k savings. That savings of $6k is alot to some and nothing to others, some trust the future of uncle sam and the epa and some dont. Guess it depends on who you are. I did it when I was young, paid it off in two years and would never do it again nor will never let my daughter do it. like always i will tell you to read all that paperwork and I am one person on here who can say it did hurt my operation big time. good luck |
FSA Beginning Farmer Loans
