FSA Loans for Farm Storage Facilities: Online Loan Applications

FSA loans have many advantages for qualifying farmers and ranchers. There are a number of different type of programs, including direct financing options and loan guarantees. If you are looking for a farm storage facility loan, then you will be gaining approval under the FSA operating loan program. You will be using the loan to improve a farm you already own and have operated for some time. Today, much of the application process can be done online.

Determine If You Qualify

Before going through a whole loan process, determine if you are likely to qualify. You must be a US citizen or natural in good standing with all federal agencies. If you have any outstanding tax obligation, you will not qualify. Likewise, if you have defaulted on a past government loan, you will not qualify. You must meet minimum requirements to be deemed credit worthy. It is helpful to have a minimum credit score of 700. However, the FSA is sensitive to the needs of disadvantaged persons for agricultural loans, and you may qualify based on your business plan and ability instead of on credit alone. If you are looking for a loan guarantee on a private loan, you will need to find a lender willing to fund you in order to be considered.

Locate Forms Online

You can locate most of the forms you need to apply online at the FSA’s websites. You will need to create an account to have complete access to the forms. In order to locate what you are looking for, first select "Farm Service Agency" under Agency Name. You will then select "Farm Storage Facility Loan Program" under program name. This will be sufficient to provide you with the forms you will need.

Submit forms at USDA

You have two options for submitting your forms; one option is to file them through your local USDA office. This center will be a resource for you to navigate the forms and loan sourcing process as well. There are a number of lenders in every area that are qualified by the FSA. Your USDA center will have information on who these lenders are and how you can contact them. The center will also be able to answer questions you have on your loan documents, which are, truthfully, very complicated. You will go through many steps in the loan process. Working with the assistance of the agency will make those steps a whole lot easier.

Submit Electronically

You may also elect to eFile your forms. There are advantages and disadvantages to this. First, it is typically faster to eFile. Your forms will not spend time in the mail and will take less time to process into the database. However, you will not know for sure if you have completed the application correctly, and you may have to resubmit the documents multiple times. This can lead to a number of delays in what is already a very long process. If you do choose to eFile, only do so from a secure personal computer to prevent identity theft.