Somerville National Bank prides itself in being able to offer their clients a vast array of loan options to meet their needs. Now, we are offering Farm Service Agency Loans. If you require assistance in starting a farm, expanding a farm, or owning a farm, our loans will help you succeed in your endeavor! Before borrowing money to initialize or expand a farm business, it is imperative that you invest your time in acquiring information about the loan options that are available to you. This multi-part series is designed to inform you of your options, answer your questions, and cover any concerns that you may have before starting the loan process for a Farm Service Agency Loan.
Farm Service Agency Loans: A Basic Introduction
As a farmer, or, a rancher, it is likely that there will be several times when you find that you need to obtain additional funding in order to start your business, expand your business, make changes to your business, or sustain your business. If you are considering as to whether or not Farm Agency Service Loans are right for you, you should ask yourself the following questions:
- Do you have a desire to purchase or lease a farm or a ranch?
- Do you already operate a farm or a ranch and have a desire to expand your business?
- Do you have a need for supplies that will allow you to run and/or operate your farm or ranch in an optimal fashion, such as livestock, machinery, and/or a greenhouse?
- Has your farm and/or ranch been detrimentally impacted by a natural disaster, such as a flood, a drought, or a severe storm?
The Farm Service Agency
If you answered “yes” to one or more of the previously outlined question, it is advised that you initiate the process of applying for a Farm Service Agency Loan. The Farm Service Agency or FSA for short is a special agency that is associated with the U.S Department of Agriculture (USDA). If you are a farmer or rancher (or, have a desire to become a farmer or rancher), and are unable to get the credit from other sources to start, to purchase, to expand, or to sustain a farm or ranch, you may be able to get a loan guarantee / loan through the Farm Service Agency Loan Program that is currently offered here at Somerville National Bank. While these loans are only temporary, they are a productive means of helping you obtain commercial-based credit at a later time.
Somerville National Bank is Here to Help
Somerville National Bank is standing by to assist you in the process of applying for a Farm Service Agency Loan for your farm business or ranch business. Our loan officers will be able to help you with your application. While it is best to obtain advice from a business advisor for certain aspects of the loan process – such as creating a business plan – we will do all that we are able to to assist you; if we are unable to help, we will attempt to connect you with a professional that will be able to help. We know and understand your situation. We want to see you achieve success.