End Rows for Aug. 20, 2013

Monday, August 26, 2013

Update your banking information for direct deposit

If your bank has made any changes recently, such as a merger, make sure we have your current information for Direct Deposit. Your account number may not change but the routing number could.

Also if you have made changes, such as closed an account or changed banks, we need to know before program payments are issued in October.

When payments are issued to an account that has been closed, it could take up to a week or longer to get your money to the right place.

If you have a new account, we'll need a copy of a voided check from the new account with your name preprinted on it so we can update your records. Or, if you prefer, you may take the direct deposit for to your financial institution for them to complete.

If you have any questions about updating your direct deposit, call your FSA office.

Address changes

If your address has changed, make sure to let us know so that your payment statements will be mailed to the right place.

Stop by the office or give us a call to update your address.

Farm storage facility loans

The Farm Storage Facility Loan Program (FSFL) allows producers of eligible commodities to obtain low-interest financing to build or upgrade farm storage and handling facilities.

The maximum principal amount of a FSFL loan is $500,000.

Participants are required to provide a down payment of 15 percent, with CCC providing a loan for the remaining 85 percent of the net cost of the eligible storage facility and permanent drying and handling equipment.

Additional security may be required for the FSFL.

Loan terms of 7, 10 or 12 years are available depending on the amount of the loan.

Interest rates are fixed for the term of the loan and are based on the rate in effect the month the loan is approved.

FSFLs approved in August for a 7-year term are at 2.000 percent.

The following commodities are eligible for farm storage facility loans:

* Corn, grain sorghum, rice, soybeans, oats, peanuts, wheat, barley or minor oilseeds harvested as whole grain

* Corn, grain sorghum, wheat, oats or barley harvested as other-than-whole grain

* Pulse crops - lentils, small chickpeas, dry beans and dry peas,

* Hay

* Renewable biomass

* Fruits (including nuts) and vegetables - cold storage facilities

* Honey

It's important to note that you cannot start construction or even site preparation before the loan is approved.

For more information about FSFL please visit your FSA county office or www.fsa.usda.gov.