Ashley Jared Communications Director Iowa Finance Authority
Acquiring enough money to pursue a lifetime career in production farming may be challenging, however the Iowa Agricultural Development Division (IADD) has programs made to assist Iowa starting farmers in conquering these hurdles. The IADD has Iowa Starting Farmer Loan and Tax Credit tools to greatly help new farmers in acquiring property that is agricultural providing funding at reduced rates of interest and Iowa taxation credits to landowners who lease to beginning farmers.
Starting Farmer Loan System
The Iowa Beginning Farmer Loan Program (BFLP) assists brand brand new farmers in acquiring agricultural home, equipment, breeding livestock or farm improvements. Starting Farmer Loans are financed by participating loan providers or contract vendors because of the issuance of federal bonds that are tax-exempt by the IADD. Interest received in contract product sales can be exempt from state taxes. The interest that is tax-exempt gained by loan providers and agreement vendors allows them to charge the beginning farmers a lowered rate of interest. Starting farmer loans typically carry rates of interest roughly 25 % below prevailing market rates. Applications are due the very first of every month.
Loan Participation System
The Loan Participation Program (LPP) assists farmers that are low-income securing loans and making down payments. Continue reading Starting Farmer Products Available through the Iowa Agricultural Development Division