Farm Credit of the Virginia’s is excited to announce a brand new loan program for the fall of 2015. The FarmLaunch Start-Up Loan Program will assist local, small, and beginning farmers who meet certain criteria by providing up to $50,000 in start-up funding for working capital, livestock, equipment, etc. There will also be an additional emphasis given for those beginning farmers who have served in our nation’s armed services.
FarmLaunch is based on three core components:
- INVEST – providing financing for working capital
- EDUCATE – providing access to educational tools and resources
- MENTOR – providing an FCV advisor/ mentor
This program has been established to help those borrowers who do not qualify for “traditional” financing from Farm Credit but who exhibit high character, excellent work ethic, a promising business plan and past work/industry experience. Participants will work with a Farm Credit of the Virginias mentor and complete appropriate management, financial, and business planning training as a condition of the loan.
Transactions that may be eligible for financing from FarmLaunch include:
- Loan requests from eligible Local Food Farmers
- Loan requests from eligible beginning farmers with less than 5 years direct farming experience
- Loan requests from eligible small farmers with less than $250,000 annual gross farming income
- Loans requests from military veterans who do not qualify for ‘traditional’ financing from the Association, but do meet the requirements of FarmLaunch
- Loans requests from minorities who do not qualify for ‘traditional’ financing from the Association, but do meet the requirements of FarmLaunch
- Applicant must meet the scope and eligibility requirements as defined in the Association Credit Manual
- Loan request is within five (5) years of the initial participation date in the FarmLaunch program. The initial participation date shall be the promissory note date of the first loan originated to the borrower under the FarmLaunch program.
If you are interested in seeing if you qualify for the FarmLaunch program, please contact your nearest Farm Credit of the Virginias branch. A listing of the office within our territory can be found at this link http://www.farmcreditofthevirginias.com/locations.aspx
A loan officer will be happy to walk you through the steps to apply for traditional lending. If you do not qualify under our underwriting standards, you may be eligible to apply for FarmLaunch. To view the application please click here:
Click here for the FarmLaunch application. (If you would like to open this document as a form that can be filled out electronically, please use Adobe Reader - a free version of Adobe Reader can be downloaded here)