At First State Bank we don't just understand financing we understand agriculture. Whether you're a lifestyle farmer, an owner of a small farm, an operator of a large commercial farm, or into an agribusiness, we have got you covered. Our Ag Lending Team will customize services to meet the specific needs of your farm business.
Farm Operating Loans
Traditionally used for purchasing capital items such as farm machinery, equipment, or livestock. Loan funds can also be used to help pay typical operating expenses for farming and ranching operations.
Term Loans for Machinery and Equipment
Your business can finance the acquisition of equipment with a fixed repayment schedule.
Farm Real Estate Loans
We have a wide range of products with competitive interest rates on long-term, fixed rate financing.
Beginning Farmer Loans (IADA)
The Iowa Beginning Farmer Loan Program assists new farmers in acquiring agriculture property, equipment, breeding livestock or farm improvements.
- Receives benefit of lower rate of interest on a loan
- Can obtain financing on machinery, equipment, breeding livestock, or land with low or moderate net worth
- Down payment negotiated with bond purchase (bank or contract seller)
- Can purchase from a closely related party, i.e., parents, grandparents, and siblings, only through a third party lender
- No restrictions on off-farm income
- May reapply and benefit from the program until all of $250,000 lifetime maximum has been used or purchased sizeable land tract
- Likely to establish a good credit ranking (rapport) with a lending institution/contract seller
- If eligible may be used in conjunction with down payment assistance through a Farm Service Agency (FSA) loan or Loan Participation Program (LPP) loan through the IADA when financed through a bank
- Easy to use application form
Further information about this and other IADA programs is available from local IADA offices or on the IADA website at: www.iada.state.ia.us.
FSA Guaranteed Loans
FSA’s Guaranteed Farm Loan Programs help family farmers and ranchers to obtain loans from USDA-approved commercial lenders at reasonable terms to buy farmland or finance agricultural production. FSA will guarantee farm loans through a commercial lender up to $2,037,000. Financial institutions receive additional loan business as well as benefit from the safety net the FSA provides by guaranteeing farm loans up to 95 percent against possible financial loss of principal and interest. For more information visit https://www.fsa.usda.gov/programs-and-services/farm-loan-programs/guaranteed-farm-loans/index
Your Ag Team of Choice in Central Iowa!
We have got the best agricultural loan solutions to make your agricultural practice in Iowa more profitable and sustainable.