The Next Generation Farmer Loan Program
Requirements
Download the guidelines for a complete understanding of the program and the requirements.
Overview
The Next Generation Farmer Loan Program uses federal tax-exempt mortgage financing to reduce a farmer’s interest rate for capital purchases, such as the purchase of farm land or agricultural machinery and equipment.
Guidelines
NextGenerationFarmer_Guidelines_2012.pdf
Uses
- agricultural land
- agricultural improvements
- depreciable property
Funding
Maximum loan amount of $470,000 with no more than $62,500 being used toward the purchase of used equipment.
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
Terms
The lender determines the interest rate and the terms of repayment.
How to Apply
Industrial Development Authority
