Ineligible Use Of Proceeds

Ineligible uses of proceeds include, but are not limited to:

· Property taxes

· Payments on existing loans

· Accounting services

· Mortgage payments

· Insurance other than for crops

· Payroll related taxes

· Interest or Lender fees

· Labor costs directly paid to the Farmer and spouse

· Utility bills pertaining to the farm Home

· Capital improvements (i.e., silos, milking equipment, barn cleaners, wells, repair on buildings, etc.)

· Expenses not incurred during the calendar year in which the loan was originated

· Refinance, with the exception that a CROP loan can be used to refinance a portion of an existing CROP loan

If loan proceeds are disbursed for ineligible expenses, those disbursements are not eligible for forbearance, guarantee payment, or interest subsidy, if applicable. Please contact WHEDA before proceeding if you have a questionable expense.