By KRIS KOTH Clinton County Executive Director Cedar County Acting Executive Director Farm Service Agency kris.koth@usda.gov EASTERN IOWA FARMER FSA offers loans to help producers with storage needs Last year we saw a derecho come through and destroy fields and building sites. The derecho damage didn’t just limit itself to buildings and fields; it also destroyed countless grain bins. Because of the derecho damage, a producer’s on-site storage may be limited, and a producer is now left wondering “What can I do?” Maybe you didn’t have derecho damage to grain storage. Maybe higher yields this year have your grain storage at capacity, and you are wondering “What should I do for storage?” The Farm Service Agency’s (FSA) Farm Storage Facility Loan (FSFL) program provides low-interest financing to help you build or upgrade storage facilities and to purchase portable (new or used) structures, equipment, and storage and handling trucks. The following new/used facilities and upgrades are eligible: n Conventional bins n Electrical equipment and handling equipment n Equipment to improve, maintain or monitor the quality of stored grain n Concrete foundations, aprons, pits and pads, including site preparation n Renovation of existing farm storage facilities n Grain handling and grain drying equipment n Structures that are bunker-type, horizontal or open silo structures, with at least two concrete walls and a concrete floor n Structures suitable for storing hay built according to acceptable design guidelines n Structures suitable for storing renewable biomass n Bulk tanks for storing milk or maple sap n Cold storage buildings, including prefabricated buildings that are suitable for eligible commodities. n Storage and handling trucks, including semi-trailers, wagons, and auger carts A quick overview of the FSFL program: an eligible producer may borrow up to $500,000 per loan, with a minimum down payment of 15 percent. Loan terms are up to 12 years, depending on the amount of the loan. Producers must demonstrate storage needs based on three years of production history. FSA also provides a microloan option that, while available to all eligible farmers and ranchers, also should be of particular interest to new or small producers where there is a need for financing options for loans up to $50,000 at a lower down payment with reduced documentation. Applicants for all loans will be charged a nonrefundable $100 application fee. The interest rates for July were between 0.500% with 3-year loan terms and 1.500% with a 12-year loan term. If last year’s derecho left you without enough storage or higher yields have you wondering what to do for storage, call your local FSA office and inquire about the Farm Storage Facility Program. n If you have any questions, please contact your local FSA Office. Cedar County 205 W. South St., Ste. 3, Tipton, IA 52772 (563) 886-6061 Clinton County 1212 17th Ave., DeWitt, IA 52742 (563) 659-3456 Dubuque County 210 Bierman Road, Epworth, IA 52045 (563) 876-3328 Jackson County 601 E. Platt St., Maquoketa, IA 52060 (563) 652-3237 Jones County 300 Chamber Dr., Anamosa, IA 52205 (563) 462-3517 98 <strong>Eastern</strong> <strong>Iowa</strong> <strong>Farmer</strong> | <strong>Fall</strong> <strong>2021</strong> eifarmer.com <strong>Eastern</strong><strong>Iowa</strong><strong>Farmer</strong>_<strong>Fall</strong><strong>2021</strong>.indd 98 9/15/21 10:25 am
Farrell’s, Inc. Pictured: JR Farrell, Mark Lane, Sherri Farrell, Rennet Gruver, Emily Warner, Jamis Farrell, and Garry Farrell. A Small Company with BIG SERVICE FEED — GRAIN — TRUCKING — LP GAS We’ve got all the brands you want and the materials you need on the farm in one convenient stop! HUBBARD • KENT • PURINA • CARGILL • STUTSMAN • RITCHIE SIOUX GATES • DRY GLUTEN • WET FEED • NET WRAP 309 1st St, Preston, IA (563) 689-5952 <strong>Eastern</strong><strong>Iowa</strong><strong>Farmer</strong>_<strong>Fall</strong><strong>2021</strong>.indd 99 9/15/21 10:25 am