Loans for Young, Beginning & Small Farmers
First South Farm Credit makes a concerted effort to finance young, beginning and small farmers by offering programs designed to meet the needs of such applicants to the fullest extent of their credit worthiness.
In order to reflect the current demographics of agriculture, the Farm Credit Administration has adopted the following definitions:
- Young farmer - 35 years or younger
- Beginning farmer - having 10 years or fewer farming, ranching, or aquatic experience.
- Small farmer - generates less than $250,000 in annual gross agricultural or aquatic sales.
Applicants not meeting the eligibility requirements or the financing guidelines for the young, beginning, or small farmer’s programs may be considered under the Association’s normal underwriting guidelines.
First South Farm Credit understands how difficult it is to start a new agricultural business, or take over an existing one when you are young with limited experience and limited financial resources. First South recognizes the special needs of YBS farmers and has taken steps to ensure that all facets of credit and related services provided by our Association are made available to this farmer group. In addition, First South has established guidelines to ensure full cooperation with governmental and private sources of credit when considering alternative financing.
Serving the agricultural credit needs of full-time and part-time farmers is vital to the economic base of Alabama, Louisiana and Mississippi. That is why First South Farm Credit pays special attention to serving the needs of this important group of young farmers, beginning farmers and small farmers throughout our three state territory.
First South Farm Credit believes that Young, Beginning, and Small Farmer loans can be done on a safe and sound basis and supports making these types of loans part of the overall loan portfolio.
First South Farm Credit may support and/or recommend government loan guarantees through the U. S. Farm Service Agency (FSA) and the US Small Business Administration (SBA). Endorsements by other individuals may frequently be required.
We do not discriminate in any credit transaction on the basis of race, color, national origin, religion, sex, marital status, age, public assisted income, or because a right was exercised under the Consumer Credit Protection Act.
In order to better serve the needs of young, beginning, and small farmers, First South Farm Credit is a Farm Service Agency (FSA) and Small Business Administration (SBA) approved lender. In order to help manage credit risk, First South recommends participation in the FSA and/or SBA guarantee programs.
For additional information call your local First South office or call toll free at 1-800-955-1722.