Overview
The Next Generation Farmer Loan Program uses federal tax-exempt financing to reduce a farmer’s interest rate for capital purchases, such as the purchase of farm land or agricultural machinery and equipment.
Uses
- Agricultural land
- Agricultural improvements
- Depreciable property
Eligibility
- Permanent Pennsylvania resident who are at least 18 at the time of the loan application
- Must meet lender’s credit standards
- Access to adequate working capital, farm equipment, etc.
- Borrower must not have had any prior ownership of a substantial portion of land
Funding
Maximum loan amount of $649,000 with no more than $62,500 being used toward the purchase of used equipment.
Terms
The lender determines the interest rate and the terms of repayment.
How to Apply
Industrial Development Authority
Source : pa.gov