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May 14, 2013   Email to Friend 

HAY, CATTLE FARMERS COULD QUALIFY FOR STATE HAY BARN LOAN PROGRAM
Melissa Martin
(334) 612-5448
May 14, 2013

Alabama hay and cattle farmers interested in building barns to store their hay may be eligible for a special loan program through the Alabama Agricultural Development Authority (AADA).

“Farmers who leave baled hay out in the elements without protective covering risk a substantial loss in hay quality,” said Alabama Farmers Federation Hay and Forage Division Director Nate Jaeger. “But often times, it’s a matter of financial circumstance that deters them from building barns to store hay. AADA’s special low-interest loan program helps remove that barrier.”

AADA requires collateralized insurance on barns built through this program.  

"Hay barn plans must meet standard criteria with required field inspection prior to the loan being funded," said AADA Executive Director John Gamble. "Either a $12,500 40'x60' barn or a $25,000 50'x100' barn loan is available based on need and herd size, and farmers have four years to repay the loan."

Gamble noted if hay barn construction costs exceed the approved loan amount, additional costs must be covered by the program participant. All hay barns must be new construction; renovations of old structures are not permitted.  

To request a detailed loan package, contact Gamble at (334) 240-7245 or email john.gamble@agi.alabama.gov.


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