Franklin Connection 

USDA sets farm loan rates

 

Last updated 8/15/2023 at 5:27pm



WASHINGTON, D.C. – The U.S. Department of Agriculture last week announced loan interest rates, effective Aug. 1.

The department’s Farm Service Agency loans provide access to capital to help agricultural producers start or expand farming operation, purchase equipment and storage structures or meet cash flow needs.

For emergency, operating and ownership loans, the agency set the rates as follows:

• Operating – 4.875%

• Ownership – 5.000%; 3.000% with joint financing. A downpayment of 1.500% is required

• Emergency – 3.750%

For commodity and storage facility loans, the rates were set as follows:

• Commodity – 6.375%

• Farm Storage – 3-year, 4.375%; 5-year, 4.125%; 7-year, 4.000%; and 10- and 12-year, 3.875%

• Sugar storage – 4.000% (15-year)

 

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