The Odessa Record -

FSA Youth Loan Program can teach financial skills

 


With spring approaching, the Farm Service Agency Youth Loan Program is a valuable tool in the lending toolbox. The Youth Loan Program assists youth in 4-H and FFA who are interested in agriculture. FSA can provide financing to income-producing projects in connection with 4-H Clubs, FFA and other agricultural groups. FSA can be the first exposure to credit and lending for youth.

Our youth loan program shifts the responsibility and financial burden from the parents to the youth. FSA youth loan participants must remember to be responsible for the day to day care of their animals until the end of the project.

Youth involved in 4-H and FFA do not have to be from farm families, they can live in town and have their livestock projects housed at alternative locations.

Basic eligibility requirements for the Youth Loan include being a U.S. citizen or legal resident alien, at least 10 years of age at application time. Projects must be planned and operated with the help of the advisor or leader of the club and have parental or guardian support. Youth must have a social security number and a checking or savings account established. The maximum youth loan limit is $5,000 per youth. The current interest rate for March is 3.00%.

Security for Farm Service Agency Youth Loans is the project animal which is generally sold at local fairs. Farm Service Agency will file a lien and FSA's name is added to fair proceeds as loan repayment.

We encourage youth through their clubs or as individuals to get out into your community to market yourselves to seek additional fair support aside from the Booster Clubs as well.

For more information, or to obtain an application, please contact Libby Anderson, Farm Loan Manager at (509) 754-2463 or libby.anderson@wa.usda.gov.

 

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