NORMAL – 1st Farm Credit Services has been named to the Preferred Lender Program from the United States Department of Agriculture – Farm Service Agency through 2019.
The status, which is the highest designation a lender can hold in the guaranteed farm lending program, allows 1st Farm Credit Services to add flexibility to loan applications and servicing requirements.
The program means 1st Farm Credit Services can work with more farmers who would not be served under conventional methods. Lenders with preferred status have broad authority in making and servicing Farm Service Agency guaranteed loans and can utilize their own underwriting and servicing policies.
“1st Farm Credit Services will continue to use program to serve young, beginning and small farmers who are in need of financing,” said Gary J. Ash, president/CEO of 1st Farm Credit Services. “The status allows us to retain our commitment to serve our client-owners with world-class service and diverse products.”
The Association, which serves more than 11,000 farmers and agribusiness clients in Illinois, was first named to the status in 2004. Since then the association has made more than 470 loans with a $152 million commitment.
Currently, the association has more than 400 guaranteed loans through the program for a total of $126 million. Many of those loans are with young, beginning or small farmers.
1st Farm Credit Services leads the industry in agriculture loans, risk management products and various services such as crop insurance, loan and lease options, as well as agricultural real estate appraisals and title agency operations. The cooperative serves 42 counties in the northern half of Illinois through its 16 local offices. On the web at www.1stfarmcredit.com or follow us on Facebook, Twitter and YouTube.