Summary
Low-interest loan financing to acquire and install new or used machinery and equipment or to upgrade existing machinery and equipment

 

Eligible Applicants
• Production agriculture
• Agricultural processing

 

Eligible Uses
• Machinery and equipment acquisition and upgrading
• Dairy Cattle
• Fruit trees
• Related engineering and installation costs directly related to the operations or processes

 

Loan Amounts
Loans up to $500,000 or 50% of the total eligible project costs, whichever is less.

 

Terms
• Up to 10-year term, depending upon the useful life of the machinery being financed
• Project must be directly related to the farming or food manufacturing process
• For processors, create/save 1 job per $25,000 of loan

 

Interest Rate
Please see the cover letter for the current low interest rate, or call us at 1-888-PAgrows.  A project whose land is enrolled in a farmland preservation program or an Agricultural Security Area (ASA) or a project involving urban or rural supermarkets may receive a 1% reduction in the interest rate normally assessed for MELF loans, but the interest rate to be applied may not be less than 2%