WISCONSIN
Denise Martin
Wisconsin Housing and Economic Development Authority (WHEDA)
201 West Washington Avenue, Suite 700
Madison, WI 53703
Telephone: (800) 334-6873 FAX (608) 267-1099
E-mail Address: info@WHEDA.com
Organization Began: 1972
Organization Title: Credit Relief Outreach Program (CROP) Guarantee
Program Began: 1985
Contact Person: Courtney Searles
Cost/Funding: $15,000,000
Target Group: Wisconsin residents who are actively engaged in the farm operation. May be used by partnerships, associations and corporations if legally registered in Wisconsin.
Description: Maximum guarantee is 80 percent on aggregated loan amounts of $60,000 or more. Maximum guarantee is 90 percent on aggregate loan amounts less than $50,000. Loan proceeds can only be used to pay for services or consumable goods necessary to produce an agricultural commodity. The commodity must be planted and harvested for consumption within the term of the loan. Livestock is eligible if purchased, fed, and sold within the term of the loan. Maximum interest rate is Prime + 1 percent, set on the date of the note, then fixed for the term. Maturity date is March 31 of the year following origination. Farmer’s debt to asset ratio must be 40 percent or greater.
Program/Project Title: Farm Asset Reinvestment Management (FARM) Guarantee
Program Began: 1996
Contact Person: Courtney Searles
Cost/Funding: $7,500,000
Target Group: Wisconsin residents who are currently operating farm premises. May be used by partnerships, associations, and corporations legally registered in Wisconsin.
Description: Provides loan guarantee based on amount of FARM loan, borrower’s net worth, or program maximum of $200,000. Guarantee is limited to $100,000 if FARM loan is combined with other government financing programs. Eligible uses of loan proceeds limited to acquisition of agricultural assets defined as machinery, equipment, buildings, land or livestock kept for more than one year; or improvements to buildings or land for agricultural purposes; or WHEDA closing fees. Based on a current financial statement, the amount of farmer’s debts, including the FARM loan, may not exceed 85 percent of the farmer’s assets, including the value of assets acquired with the proceeds of the loan.
Program/Project Title: Agribusiness Guarantee
Program Began: 1990
Contact Person: Courtney Searles
Cost/Funding: $3,500,000
Target Group: Businesses that create products using raw agricultural commodities.
Description: Create a product new to the business or expand production of an existing product that will increase the use of a raw agricultural commodity; or enhance the efficiency of the business. Business must be located in a Wisconsin municipality having a population of under 50,000 and must demonstrate it has made a notable effort to purchase a substantial percentage of its raw agricultural commodities from Wisconsin suppliers. Maximum guarantee is lesser of 80 percent or $600,000.
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