USDA Farm Service Agency announces enrollment deadlines for 2017
GREELEY, Colo. — The U.S. Department of Agriculture Farm Service Agency Weld County Executive Director, Jeff Wilson, announced that farmers and ranchers have until Aug. 1 to enroll their farms into the Ag Risk Coverage and Price Loss Coverage contracts for crop year 2017. The deadline to enroll is August 1 annually, throughout the rest of this farm bill set to expire in Oct. 2018.
“Now that all of the crops are planted, and wheat and barley harvest is under way, the deadline draws near. Anyone not meeting the Aug. 1 deadline is missing an opportunity to add income to their farming operation,” Wilson said. “Payments are not guaranteed as they were under the last farm bill, but the current option to enroll now gives farmers the opportunity to capture government payments when prices decline under the Price Loss Coverage option.
“The 2016 payment rates have been released for wheat and oats. Rates are $1.61 per bushel for wheat and $0.34 per bushel for oats. These will end up creating sizable payments per acre once the calculations are completed,” according to Wilson. Payments will not be released until after Oct. 1 and they will be reduced by a sequestration factor of 6.8 percent.
Producers who have not enrolled for crop year 2017 are encouraged to do so now. The payments for 2017 will not be known until October 2018. For anyone who has not reported their acreage, or has not enrolled, need to call the Weld County FSA now to set up an appointment at (970) 356-8097 extension 2.
Typically CRP acres cannot be hayed or grazed. This summer a number of producers have applied to utilize their Conservation Reserve Program acreage for hay and grazing purposes. Each of these participants will be charged 25 percent of their annual payment for each acre used for livestock purposes.
Any producer who wishes to use CRP acreage needs to apply at the FSA office in advance. All grazing is performed according to recommended stocking rate for no more than 60 days. All hay must be cut and baled between July 16 and Aug. 10. All hay must be removed from the CRP acreage upon completion of the baling operations. Bales cannot be stacked on CRP acreage.
FSA offers direct farm ownership and direct farm operating Loans to producers who want to establish, maintain or strengthen their farm or ranch. FSA loan officers process, approve and service direct loans.
Direct farm operating loans can be used to purchase livestock and feed, farm equipment, fuel, farm chemicals, insurance and other costs including family living expenses. Operating loans can also be used to finance minor improvements or repairs to buildings and to refinance some farm-related debts, excluding real estate.
Direct farm ownership loans can be used to purchase farmland, enlarge an existing farm, construct and repair buildings, and to make farm improvements.
The maximum loan amount for both direct farm ownership and operating loans is $300,000 and a down payment is not required. Repayment terms vary depending on the type of loan, collateral and the producer’s ability to repay the loan. Operating loans are normally repaid within seven years and farm ownership loans are not to exceed 40 years.
Contact your local FSA office for more information or to apply for a direct farm ownership or operating loan.
GUARANTEED LOAN PROGRAM
FSA guaranteed loans allow lenders to provide agricultural credit to farmers who do not meet the lender’s normal underwriting criteria. Farmers and ranchers apply for a guaranteed loan through a lender, and the lender arranges for the guarantee. FSA can guarantee up to 95 percent of the loss of principal and interest on a loan. Guaranteed loans can be used for both farm ownership and operating purposes.
Guaranteed farm ownership loans can be used to purchase farmland, construct or repair buildings, develop farmland to promote soil and water conservation or to refinance debt.
Guaranteed operating loans can be used to purchase livestock, farm equipment, feed, seed, fuel, farm chemicals, insurance and other operating expenses.
FSA can guarantee farm ownership and operating loans up to $1,399,000. Repayment terms vary depending on the type of loan, collateral and the producer’s ability to repay the loan. Operating loans are normally repaid within seven years and farm ownership loans are not to exceed 40 years.
Contact your lender or local FSA farm loan office for more information on guaranteed loans.
Additional Information about programs or how to find an FSA office go online to:
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User