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THE Agricultural Stabilization and Conservation Service has the Storage Structure and Drying Equipment Loan Program available through which eligible producers can purchase and install <mi their farm needed storage structures and drying equipment.
To become eligible under this loan program, a borrower must produce one or more eligible commodities (such as corn, barley, grain sorghum, wheat, rye, soybeans) and have a need for farm storage and drying equipment for the storage or conditioning of one or more of the eligible commodities.
Provisions of this loan program require that storage bins and drying equipment be purchased from an approved vendor and the equipment must be new. Loans are not available on used or second hand equipment. Costs such as freight, sales tax, and erection costs are includable in determining net eligible cost. Concrete foundations and electrical wiring are ineligible cost items.
A down payment of at least 30 percent of the eligible cost must be paid to the vendor before the loan can be disbursed by the ASCS office. Loans are for a period of 5 years and are repayable in four equal annual installments. The first installment plus interest is due one year from the date the loan is disbursed. Loans under $10,000 are approved at the county level, and the bins and drying equipment covered under the loan
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