(click here if refinancing a CROP loan)
The Lender will submit a complete loan package to WHEDA. WHEDA will review the loan package to determine eligibility and completeness. A complete loan package contains the following:
· Non-Refundable Application Fee:
$200 on aggregate loan amounts (for current year) of less than $40,000 or
$400 on aggregate loan amounts (for current year) of $40,000 or more;
· Application (CROP Form 2);
· Farmer's Affidavit (CROP Form 3);
· Agricultural Universal Note (similar to WBA 755 dated 6/02 or more current); or
Supplementary Loan Agreement if the Lender is a PCA or FCS (PCA equivalent 15928 (B) 15935 (B) or more current);
· Farm Security Agreement (similar to WBA 711 dated 5/01 or more current); or
Production Credit Association Security Agreement if Lender is a PCA or FCS (15150 (A) or more current); and
· UCC-1 Financing Statement(s) dated within the past five years
A complete loan package will be reviewed by WHEDA within 24 hours of receipt. If determined eligible, WHEDA will send the Lender a "Guarantee Commitment Letter". Loans will be guaranteed by WHEDA on a first-come, first-served basis up to the maximum total allowed under Wisconsin Statutes.
If an incomplete loan package is received, WHEDA will request the missing information. The request will allow 30 days to submit the missing information to WHEDA. Review of the loan package is deferred pending receipt of the missing information.
If the information is not received, the loan package will be considered withdrawn.
A complete loan package must be submitted to WHEDA within 30 days of the Note date. Loan packages received more than 30 days after the Note date will be denied and the loan will not be eligible for the guarantee. Loans originated in December must be received by December 31.
A Farmer is eligible for one CROP loan per calendar year. If outstanding debt remains from a previous calendar years' CROP loan, the Farmer is eligible for an additional loan with the understanding that the guarantee will not go into effect until the previous calendar years' CROP loan has been paid-in-full.
This allows the Lender to apply for WHEDA assistance and set aside the necessary funding prior to the maturity date (or extension thereof) on the previous calendar years' Note(s).
If an application is denied by WHEDA, written notification will be mailed to the Lender. The notification will clearly detail the basis upon which the decision was made. WHEDA will consider a request to re-evaluate an application within 30 days of denial if the Lender can provide information which materially affects the original loan package.
