The U.S. Department of Agriculture’s Farm Service Agency has announced it will provide Farm Storage Facility Loan borrowers with a one-time annual installment payment deferral option for loans with terms up to 10 years, according to Sen. John Hoeven. Hoeven is chairman of the Senate Agriculture Appropriations Committee and a member of the Senate Agriculture Committee

The FSFL program provides producers with low-interest financing to build or upgrade facilities and infrastructure for storing, handling and transporting commodities.

“Our producers have faced real challenges during the COVID-19 pandemic,” said Hoeven. “We appreciate FSA for providing producers utilizing the FSFL program with this flexibility.”

Producers should contact their local FSA office for additional information on deferring their annual installment payment and to request and complete the required forms. Additional details on this option are available here.