To assist Farm Storage Facility Loan (FSFL) borrowers experiencing financial hardship from the pandemic and other challenges in production agriculture, USDA’s Farm Service Agency (FSA) is offering a one-time annual installment payment deferral option.
No fees or prepayment penalties apply for borrowers who choose this FSFL loan flexibility option. Eligible borrowers can request a one-time only annual installment payment deferral for loans having terms of three, five, seven or ten years. The installment deferral option is not available for 12-year term loans.
The original loan interest rate and annual payment due date will remain the same, however, because the installment payment deferral is a one-year loan term extension, the final payment will be higher due to additional accrued interest.
Those looking to take advantage should contact their local FSA office to make the request and to obtain, complete and sign required forms.
