FSA Youth Loan Program Benefits
Most people would agree that educating our youth about responsible money management, record keeping, and business operation are important keys to success. Programs and clubs like 4-H and FFA are the best examples of watching young people develop lifelong skills of responsibility, confidence and a sense of community. A unique program available from the local Farm Service Agency is available to qualified applicants that help our youth get started with income-producing projects such as 4-H livestock and even small businesses.
“The FSA Youth Loan Program teaches young people about the responsibility that comes with money, paying it back the bank, and how to complete a project from start to finish.”
The Farm Service Agency makes loans to youth to establish and operate agricultural income-producing projects in connection with 4-H clubs, FFA and other agricultural groups. Projects must be planned and operated with the help of the organization advisor, produce sufficient income to repay the loan and provide the youth with practical business and educational experience. The maximum loan amount is $5000.
“The process for application and approval is really quite simple and streamlined.”
Youth Loan Eligibility Requirements:
- Be a citizen of the United States (which includes Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands) or a legal resident alien
- Be 10 years to 20 years of age
- Comply with FSA’s general eligibility requirements
- Be unable to get a loan from other sources
- Conduct a modest income-producing project in a supervised program of work as outlined above
- Demonstrate capability of planning, managing and operating the project under guidance and assistance from a project advisor. The project supervisor must recommend the youth loan applicant, along with providing adequate supervision.
For more information Stop by the local Indiana FSA office for help preparing and processing the application forms.