Get Growing! Exploring Agricultural Lending Options in Alaska
By Colin Peacock, Co-Director Regional Food Business Center, AFPC
The Regional Food Business Center's recent webinar, "Get Growing! Ag Lending Opportunities for AK Farmers," was a resounding success, drawing nearly 30 participants eager to learn more about financing their agricultural ventures. We were even joined by our Business Center partners in Guam!
Representatives from various state and federal lending programs presented information on the types of loans, terms, eligibility requirements, and more. Additionally, they highlighted the use of mariculture activities and the benefits of leasing equipment and real estate. Support for beginning farmers was also discussed, with a focus on offering tailored solutions for long-term success.
Right Size Funding: Alaskan farmers have a variety of financing options at their disposal. From government programs like the USDA Farm Service Agency and the Alaska Agricultural Revolving Loan Fund to private lenders like AgWest Farm Credit and First National Bank, there's a lending solution to fit various needs and project scales.
Each expert lender can be watched on the recording to learn more about the following:
Alaska Agricultural Loan Fund
This program program offers six types of loans including short-term operating loans, chattel loans for equipment, and farm development loans. Loans have fixed interest rates and flexible payment plans.
AgWest Farm Credit
Highlighted programs for young, beginning, and small producers like reduced rates, financial mentoring, and AgVision loans for up to $150k. AgWest finances various needs from equipment to country homes.
First Financial Bank
Offers real estate loans, FSA joint financing, and SBA loans. Leasing equipment is also an option. Communication is key if facing financial difficulties - lenders will work with farmers on finding solutions.
USDA Farm Service Agency
Offers direct and guaranteed loan programs to help those with less equity or credit issues. Loans can be used for operating costs, livestock, land, and more.
Additional Resources
Additional resources included Alaska Rural Rehabilitation Corporation loans and grants and the Division of Agriculture's agricultural land sales program. Attendees learned about efforts to address limited meat processing infrastructure as well.
Grow North Farm, Anchorage, courtesy of Alaska Farmers Market Association
A special thanks to our esteemed speakers who shared their expertise:
Christy Kolvoord, Agricultural Revolving Loan Fund Loan Officer, Division of Agriculture, Department of Natural Resources, christy.kolvoord@alaska.gov
Barbara A. Beckage, Manager, Alaska Rural Rehabilitation Corporation barbara@arrc.us
Whitney Tatafu, Relationship Manager at AgWest Farm Credit, whitney.tatafu@agwestfc.com
Steven Barr, Credit Analyst, First Financial Bank, sbarr@ffb1.com
Erin Sturdivant, Agricultural Program Manager, Alaska State Office, Farm Service Agency, USDA. erin.sturdivant@usda.gov
Do you have questions about financing your agricultural operation? Reach out to the speakers directly using the contact information provided above.
This informative session is one of a series of webinars, as part of the Regional Food Business Center's free technical assistance for Alaskan food businesses. More webinars will be coming soon, including an intro to the business builder grant program and an update to cottage food laws in Alaska.
