The Agricultural and Small Business Development Authority administers a program that enables lenders to receive federally tax-exempt interest on loans made to beginning farmers. The tax savings are passed on to beginning farmers in the form of lower interest rates. A qualified borrower can borrow up to $469,200 to buy:
- agricultural land
- farm buildings
- farm equipment
- and breeding livestock
The entire $469,200 may be used for new equipment or breeding stock, and up to $62,500 can fund used equipment or breeding stock. More info...