News Messenger
  • News
    • Local
    • Sports
    • School
    • State News
    • National News
  • Obituaries
  • Opinions
  • Spiritual
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
    • Southern Baptist
  • Legals
  • eEdition
  • Classifieds
  • Contact Us
  • Login
Subscribe For $2.50/Month
No Result
View All Result
  • News
    • Local
    • Sports
    • School
    • State News
    • National News
  • Obituaries
  • Opinions
  • Spiritual
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
    • Southern Baptist
  • Legals
  • eEdition
  • Classifieds
  • Contact Us
  • Login
No Result
View All Result
News Messenger
No Result
View All Result
  • National News
  • VA State News
  • WV State News
  • Contact Us
  • Submit Content
  • Subscribe
Home Local Stories

Farm loan graduation reminder

May 3, 2017
in Local Stories
1
VIEWS
Share on FacebookShare on Twitter

FSA Direct Loans are considered a temporary source of credit that is available to producers who do not meet normal underwriting criteria for commercial banks.


FSA periodically conducts Direct Loan graduation reviews to determine a borrower’s ability to graduate to commercial credit. If the borrower’s financial condition has improved to a point where they can refinance their debt with commercial credit, they will be asked to obtain other financing and partially or fully pay off their FSA debt.

By the end of a producer’s operating cycle, the Agency will send a letter requesting a current balance sheet, actual financial performance and a projected farm budget. The borrower has 30 days to return the required financial documents. This information will be used to evaluate the borrower’s potential for refinancing to commercial credit.

If a borrower meets local underwriting criteria, FSA will send the borrower’s name, loan type, balance sheet and projected cash flow to commercial lenders. The borrower will be notified when loan information is sent to local lenders.

If any lenders are interested in refinancing the borrower’s loan, FSA will send the borrower a letter with a list of lenders that are interested in refinancing the loan. The borrower must contact the lenders and complete an application for commercial credit within 30 calendar days.

If a commercial lender rejects the borrower, the borrower must obtain written evidence that specifies the reasons for rejection and submit to their local FSA farm loan office.

If a borrower fails to provide the requested financial information or to graduate, FSA will notify the borrower of noncompliance, FSA’s intent to accelerate the loan, and appeal rights.

— Submitted by Cindy Clark

Previous Post

Christiansburg Library announces May’s featured artist

Next Post

Boat safety classes offered locally

Next Post

Boat safety classes offered locally

Join Our Newsletter

  • Login
  • Sign Up
  • Cart
No Result
View All Result
  • News
    • Local
    • Sports
    • School
    • State News
    • National News
  • Obituaries
  • Opinions
  • Spiritual
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
    • Southern Baptist
  • Legals
  • eEdition
  • Classifieds
  • Contact Us
  • Login

© 2020 Mountain Media, LLC.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Forgot your password?

Lost your password? Please enter your email address. You will receive mail with link to set new password.

Back to login