NORTH CAROLINA

Dr. Frank Bordeaux
North Carolina Agricultural Finance Authority
P.O. Box 27908
Raleigh, NC 27611-7908
(919) 790-3949
FAX (919) 733-1460
frank.bordeaux@ncmail.net
Organization Began: 1987

Series I Farm Real Estate Loans
1988
Frank Bordeaux
State funded reserve
Farmers having difficulty qualifying for conventional loans

Loans can be used to purchase real estate (land, buildings, improvements); up to 15-year term for as much as 95 percent of appraised value; interest rate is prime plus 1.75 percent variable; North Carolina Agricultural Finance Authority (NCAFA) must be able to obtain FSA guarantee on loan; NCAFA is lender and services loan.

Beginning Farmer Loan Program (Series II)
1993
Frank Bordeaux
State funded reserve
Young farmers beginning land ownership

NCAFA loans 60 percent of need to farmers who obtain 30 percent from FSA’s down-payments loan program; farmer makes 10 percent down payment; interest rate is prime plus 3/4 percent variable.

“Ag Start” Beginning Farmer Loans
1997
Frank Bordeaux
State revolving fund
Beginning Farmers

Joint farm real estate lending program with Farm Credit Services (North Carolina) NCAFA makes 50 percent of loan with FSA guarantee subordinated to FCS loan.

Agricultural Development Bonds
1995
Frank Bordeaux
Self funded (state covers administrative overhead)
All agribusinesses

Tax-exempt bonds (state and federal) are issued for processing and manufacturing of agricultural products; NCAFA has statewide bond authority.

Facilities Disaster Loans
1998
Frank Bordeaux
State of North Carolina Funds
Farmers sustaining damage to farm buildings and structures due to natural disasters.

NCAFA makes low interest loans to repair farm buildings and structures. State appropriation.

Agribusiness Loans
January 2000
Frank Bordeaux
State revolving fund
Agribusinesses that are providing value added processing or support for other facets of agriculture.

Loans typically have a loan guarantee provided by Rural Economic
and Community Development, USDA.

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