Individual

Pennsylvania

Eligible applicants must meet the following criteria: 1. Credit Quality. The borrower must work with a lending institution to obtain credit support for the financing and must meet the lender’s credit standards. 2. Residency. The borrower must be a permanent resident of the Commonwealth when the loan is issued. 3. Age. The borrower must be at least eighteen (18) years of age when the loan application is submitted. 4. Capital Requirements. The borrower will be required to document to the satisfaction of the lender it has access to adequate cash flow, working capital, farm equipment and livestock, if appropriate. 5. Ownership and Active Participation. The borrower must be the sole owner and principal user of the project. Prior Ownership of Agricultural Land. The borrower must not have had any prior direct or indirect ownership interest in a substantial amount of land. A substantial amount of land is a parcel, which exceeds 30% of the median farm size in the county in which the land is located. An individual with prior ownership of land may still be eligible if the individual did not participate in the operation of a farm. Refer to Appendix C, which identifies the 30% of median farm size by county. Ownership or material participation by an individual’s spouse or minor child is to be treated as ownership or material participation by an individual.<br /><br />Agricultural land, Agricultural improvements, Depreciable property. The lender determines the interest rate and the terms of repayment. The maximum loan amount is $649,000 per borrower. If the borrower has obtained prior financing under this Program, the loan amounts when totaled cannot exceed $649,000. The maximum loan amount will be adjusted annually for inflation. The total loan proceeds allocated to the purchase price of used equipment may not exceed $62,500. Applicants must apply through Industrial Development Authority listed on the program page