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Small Business  Agriculture

Agricultural Lender Update - May 2007

Changes to the FARM Guarantee Program

Under the Farm Asset Reinvestment Management (FARM) Loan Guarantee Program, WHEDA® guarantees loans by participating lenders to farmers for the expansion or modernization of an existing farm operation through the acquisition of agricultural assets or the cost of improvements to buildings and land.

Recently the legislature approved changes to the FARM Guarantee Program. These changes will now allow:

• Beginning farmers who have at least three years of experience including the day to day operations of a farm to use the program. Previously only farmers that were currently operating the premises of the farm could use this program.
• Farmers to refinance existing debt as long as the debt does not exceed 75% of the WHEDA Guaranteed loan.

If you have any questions, please feel free to call our Economic Development group at (800) 334-6873.