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Cheynne Wells CO | Some may argue that going to the FSA office isnt a good idea. But to a new farmer trying to get a start with no outside help, they can be a godsend. Right now the equipment loan rate is in the 1.3% range. Compare that to a commercial bank at 4-7% A huge savings in interest, and getting started your going to need all the breaks you can get. They will also lend up to 100% value on equipment. Again look at a commercial lender. They will require20-30% down. FSA will also help you get into older more affordable equipment. Alot of banks start dragging their feet on anything over 5yrs old.
If you try the FSA office, have a good cashflow sheet, and make sure it pencils out. Next be prepared for a mountain of paperwork. Dont get frustrated, hang in there. It will seem neverending, but is well worth it for a new gut trying to get going.
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How do you afford expensive tractors / machinery?
