From: Texas Sorghum Association, Texas Sorghum Insider
Open enrollment is currently underway for the ALG Program. The program provides financial assistance to establish or enhance farming or ranching operations or to establish an agricultural-related business.
Assistance is available in the form of guarantees based on a tiered structure, not to exceed $750,000 or 70% of the loan amount—whichever is less.
There are three options depending on the terms of the loan:
- $250,000 or 90% of the loan amount, whichever is less
- $500,000 or 80% of the loan amount, whichever is less
- $750,000 or 70% of the loan amount, whichever is less
Young Farmer Grant (YFG) Program: TAFA offers a semiannual grant program to eligible applicants who are at least 18 years of age but younger than 46 years of age and who are engaged in creating or expanding agriculture in Texas.
The applicant must be able to make dollar-for-dollar matching expenditures to sustain, create or expand the proposed project. Individual grants may range from $5,000 to $10,000.
Interest Rate Reduction (IRR) Program: TAFA works with the Texas Comptroller to facilitate lending at below market rates to qualified applicants for projects that will establish, enhance or expand an agricultural operation in Texas.
Young Farmer Interest Rate Reduction (YFIRR) Program: Young farmers can see greater reductions in their interest costs through this program.
Any person who is at least 18 years of age but younger than 46 years of age and proposes to use loan proceeds in a manner that will help accomplish the state’s goal of fostering the creation and expansion of an agricultural business in Texas is eligible.
For additional information including program specific details click here. For questions contact TDA’s Grants Office at 512-463-6908 or by email at Grants@TexasAgriculture.gov.
