Farm loan application assistance available
Farmers needing assistance with their U.S. Department of Agriculture direct loan application packages can once again get help from the University of Arkansas at Pine Bluff.
"Area Extension associates throughout the state are ready to help," says Henry English, UAPB Small Farm Program director, who suggests that farmers make every effort to submit their loan packages early as funding is on a first-come, first-served basis. If an application is denied for whatever reason, farmers will know early enough to successfully seek other options, says English.
Completing the 20-plus page package can be daunting, warns English. His first suggestion is to be sure farmers are using a current packet. Some Farm Service Agency forms may have changed.
Associates will help farmers develop the balance sheet and the projected/actual income and expenses for their operations. Necessary to complete the balance sheet is a list of all debts and their amounts. Farmers should bring this information with them along with their expense and income records from 2012. These will be used to complete the production and financial histories. Associates will also go over the checklist with farmers to insure that their application packages are complete.
In addition to many FSA forms, a credit report is necessary. If an item is missing or is incomplete, farmers have 14 days to submit the requested information. Failure to do so results in the application being withdrawn, and the farmer must start over.
"When farmers come in, they should bring their records with them," says English.
For assistance with a loan application packet, contact your area Extension associate: Arlanda Jacobs, 870-714-5531, Lee, Phillips, St. Francis, Arkansas and Monroe counties; Carolyn Prowell, 870-489-5585, St. Francis, Crittenden, Woodruff and Cross counties; Travis Collins, 870-355-7007, Chicot, Drew, Ashley and Desha counties; Kandi Williams, 870-774-0446, Howard, Little River, Miller, Hempstead and Lafayette counties; and Stephan Walker, 870-575-7237, Jefferson, Desha, Lincoln and Pulaski counties. Those elsewhere in the state can contact English at 870-575-7246.