Next Generation Farmer Loan Program

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

• NextGenerationFarmerGuidelines2011.pdf
• IDA_Contact_list_5-12-11_online.pdf

Uses

Agricultural land, agricultural improvements, and 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

Where to Apply

Industrial Development Authority