How to Get a Farm Loan After Bankruptcy

Use farm loans to help purchase additional land, livestock or machinery. Farm loans are similar to a commercial business loan. If you have to file bankruptcy or you have poor credit, you may have a difficult time getting a farm loan.

Difficulty: Easy

Instructions

Things You'll Need:

• Computer with Internet access
• Loan application

1. Apply to several different loan companies to find the best rate. When filling out the application, include a note explaining the bankruptcy and how your situation has changed.

2. Wait for approval through traditional channels. If you don't receive approval, go to the Farm Service Agency website to begin the loan application process. This is a federally sponsored loan program for farmers.

3. Determine what you will be using the money for. This will affect the type of loan you apply for and the amount that the government will allow you to borrow. You can borrow money to purchase land and new supplies or to help you recover from a disaster that occurred on your farm.

4. Fill out the correct forms to begin the application process. You can meet with your local Farm Service Agency office to ask any specific questions about the loan. Provide all documentation needed for the loan.

5. Mail in the application and wait to receive the loan.

Tips & Warnings

• Follow the directions on the form exactly or you may face rejection. Have someone else read over the loan to make sure that there are no errors.

Resources

• Farm Service Agency