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Q. Do I qualify for the loan/grant?
a. Each program has its own set of requirements that should be reviewed as thoroughly
as possible. These requirements may change from time to time so it is always
best to check before making any submissions. For more detailed information,
it is always best to contact the organization providing the money or call us at
PAgrows.
Q. How long does it take to receive the money?
a. Times vary from program to program. Typically, paperwork can take three
to four months. The better prepared you are and the more documentation you
have available, the easier and quicker the process will be.
Q. What documents should I have available when applying for a loan?
a. Previous three years of tax returns, financial statements, cash flow statements,
profit/loss statements. Also, any history or statement of leans against your
property and lists of your assets.
Q. Why am I contacting PAgrows?
a. While PAgrows does not directly administer any of the listed programs, we have
developed a relationship with the groups that do and have up to date information
on each of the programs. PAgrows is a great first stop for finding what programs
will work best for your needs and we offer the follow through to make sure you stay
on track with the program you are using.
Q. How can lenders and providers benefit from PAgrows?
a. Agricultural lending is often an underserved market and many lending institutions
and service providers do not have the staff or background needed to understand the
ag lending process. PAgrows will do its best to provide technical assistance
when requested and help the understanding of the ins and outs of farm economics.
Q. Who services my loan?
a. Area Loan Organizations, Industrial Development Authorities, Industrial Development
Corporations, state and federal agencies as well as private lenders each share a
part in servicing your loan depending on which loan program you are using.
Often times, more than one will have a part in servicing your loan and will require
separate payments. More details can be found in the program specifics.
Q. How do I know if I am in an Ag Security Area?
a. Ag Security Areas are administered on the township level. Contacting your
township supervisor is often a good first stop. You can also contact the Department
of Agriculture’s Bureau of Farmland Preservation if you have difficulty retrieving
the information from your township.
Q. My credit is not that great, will that affect my ability to qualify?
a. Depending on the program, credit history will play a significant role in your
eligibility. There are programs available which are meant to help those who
do not have the best credit and they are listed on this site.
Q. Why should I have a business plan?
a. Business plans serve as your compass to guide and direct your enterprise.
It makes concrete your threats, challenges, opportunities and assets to meet your
business goals. It also serves as an information support for your lenders
and marketing decisions.
Q. Why do these programs require multiple copies of the same documents?
a. In most cases, more than one person is required to review your application during
the process. Multiple copies speeds up the dissemination of information to
those individuals and helps to provide quicker return times on your projects.
Q. Can I refinance my existing Debt?
a. Almost none of the state and federal loan programs allow refinancing.
However, both the First Industries Fund and USDA have loan guarantee programs which
could be applied by a private lender who is doing your refinance.
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