USDA's Farm Storage Facility Loan program has been amended to allow producers to build cold storage facilities to store their fresh fruits and vegetables. In making the announcement, Ag Secretary Tom Vilsack said the Expand the Farm Storage Facility Loan program will provide our nation's fruit and vegetable producers with new storage and marketing opportunities. USDA's program will help these producers finance the purchase, construction, or refurbishment of these important farm storage facilities.
To be eligible, cold storage facilities must have a useful life of 15 years and includes: new structures, coolers, circulating and monitoring equipment, electrical equipment and modification to existing facilities.
The maximum loan amount for a Farm Storage Facility loan is $500,000 per loan after a required down payment of at least 15%. Applications must be approved before construction can begin. Loan applications should be submitted to the administrative FSA county office that maintains the records of the farm or farms to which the application applies.