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Kaukauna WI | In 2009 the dairy business really svcked. We found ourselves in need of cash and although we have a very good banker, someone suggested FSA because the interest rates are so much lower. I think 3% lower. 3% of a big number is a big number.
We thought what the heck. We called and found out we needed to first get turned down by our banker. We would not be able to do that legitimately. We were in too good of shape financially to get turned down. But our banker said if that's what you want, he would turn us down.......we called FSA and they ran out of money for that fiscal year and we would have to wait something like 4-6 months for money. They gave us the paperwork to fill out and unbelieveable amount of paperwork required. We have been farming since we were kids (we are pushing 60 now) and they wanted us to prove that we were smart enough to be able to farm, and we would have to go to management classes.
Long story short, we went to Farm Credit and borrowed from them at 3% higher. | |
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USDA Farm Loan 40 year note vs. Farm Credit 30 year note
