CATTLE WORKING FACILITIES LOAN PROGRAM
The AADA Cattle Working Facilities Pilot Loan Program is a low-interest loan program for Alabama beef cattlemen to provide financial assistance for the construction of approved working facilities for use on farms and ranches in Alabama. Access to improved cattle working facilities would better enable Alabama farmers/ranchers to more efficiently increase herd health and improve production capabilities. Working facility plans must meet certain standard criteria with said plans to be reviewed and approved by the oversight committee prior to purchase and/or start of construction.
Allowable funding of the direct cost is limited up to a $20,000 maximum subject to an approved loan amount to be verified by actual construction receipts. Alabama Cooperative Extension Service personnel in the designated pilot counties must first work with individual cattlemen to determine working facility needs and use program.
Loans are for a maximum of 3 years at a simple annual interest rate of 3 percent. A signed promissory note denoting annual payments will be required along with verifiable first position on chattel security that sufficiently collateralizes the loan. A $50 application fee will be charged to cover collateral filing fees and other administrative costs.
If you would like to apply for a loan under this program, complete the Loan Application and attach a $50 application fee payable to Alabama Agricultural Development Authority, and submit to
Alabama Agricultural Development Authority
1445 Federal Drive
Montgomery, AL 36107
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