Young Farmer Interest Rate Reduction Program

Jurisdiction:
Texas
Incentive Type:Loan Program
Industries:
Agricultural, Technology
Eligible Sector:
Business
Category:
Financial Incentive
Time Period:
FY 2015
Governing Body:Texas department of agriculture
What’s it worth?:$500,000

The Young Farmer Interest Rate Reduction (YFIRR) Program was developed to provide below-market interest rates to qualifying farmers between 18 and 46 years of age in effort to assist in expanding agricultural business. Funds may be used for existing debt of:

  • Purchase or lease of land
  • Fixed asset acquisition or improvement
  • Any enterprise based on agriculture identified in the application

Loans may not exceed $500,000 with terms specified between the lender and borrower; this is not a guaranteed loan program. An original Interest Rate Reduction (IRR) or Young Farmer Interest Rate Reduction (YFIRR) loan application must be signed and submitted by the borrower and the lender. Each application requires:

  • Borrower’s Information

– Contact Information
– Current Employment
– Project Location
– Project Description
– Employer Information
– Projected Budget

  • Lender’s Information

– Contact Information
– Loan Information

  • Agreement Terms
  • Approval

There is no deadline for this program. Questions can be directed to Mindy Fryer at 512-463-6908. These organizations are not liable to lending institutions should the borrower default on the loan:

  • Texas Agricultural Finance Authority
  • Texas Department of Agriculture
  • State of Texas