IOWA

Jeff Ward
Iowa Agricultural Development Authority
505 Fifth Avenue, Suite 327
Des Moines, IA 50309-2322
(515) 281-6444
FAX (515) 281-8618
www.iada.state.ia.us
iada@max.state.ia.us
Organization Began: 1981

Beginning Farmer Loan Program
1981
Jeff Ward

Received $49.4 million annual allocation to sell bonds; self-funded with $50 application fee and 1.25 percent closing fee.

For beginning farmers with a net worth of less than $300,000.

Available to individuals who have had no substantial ownership interest in farmland. Items that can be financed include agricultural land, agricultural improvements, depreciable agricultural property such as new and used equipment and breeding stock. Loans can be made up to a maximum of $250,000 with no minimum amount. Loans can be made for this program with lenders or contract-for-deed sellers.

Loan Participation Program
1996
Jeff Ward

Utilizes Rural Rehabilitation Trust Fund; self-funded with application and closing fees.

Low-income and beginning farmers

Assists qualified low-income farmers to more readily secure loans from participating lenders by supplementing the borrowers’ down-payment. It also reduces lender’s risk since the IADA provides a “last in-last out” loan participation for the financial institution. Maximum loan amount of $100,000.

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