Financing to Build Your Farm, Your Family, and Your Future
Buying farmland is a major investment. The right guidance can turn your dream into reality. Get clear options and financial strategies to support your dream for future seasons.
ACRE Loans
According to the 2020 U.S. Census, rural populations in America dropped over the previous decade for the first time in history. The loss was especially severe on rural communities far from metropolitan cities.
One of the culprits? Rising interest rates are making it harder for rural Americans to become homeowners. Land prices are also fast outpacing farming income, with farmland prices in the Midwest often reaching thousands of dollars per acre, meaning even modest farms could cost hundreds of thousands to over a million dollars to purchase. Combined together, these hurdles can make it extremely difficult for new farmers to break into the industry.
Access to Credit for our Rural Economy (ACRE) is a federal program made to bridge those gaps, providing assistance for beginner farmers through pricing advantages on existing ag real estate loans.
If you’re seeking to become a farmer, Bank Midwest is here to support you with lending guidance and powerful financial strategies to help make your goals feasible.
Benefits & Rates
Starting a farm takes more than hard work; it requires the right financial support. ACRE loans provide flexible financing and competitive rates to help you build and grow your farm.
Our lending experts help you explore your options with clear, transparent guidance so you can make informed decisions for your farm’s future.
Financing for agricultural real estate and agricultural production facilities.
Flexible repayment options aligned with your current season of life and operation’s cash flow.
Powerful strategies to help you build equity and financial stability for your farm’s future.
Explore Your Qualifications for Financial Support
Your future in farming starts with the right support. When you’re ready to take the next step, Bank Midwest is here to help.
Eligibility
If you’re ready to pursue farming in the near future, an ACRE loan may be a good fit. Your local team at Bank Midwest will help you review your eligibility and guide you through the next steps.
You may qualify for an ACRE loan if you:
- Actively manage or operate the farm.
- Own your property, free and clear of debt.
- Have acceptable credit history and ability to pay back the loan.
- Meet standard lending qualifications.
- Have U.S. citizenship or legal residency.
Frequently Asked Questions
Is it possible to refinance an existing farm loan with an ACRE loan?
No. ACRE loans can be used for the purchase of ag production real estate and ag production facilities; however, they cannot be used to refinance current debt. If there is current debt on your property, you are ineligible for the ACRE program. You may be eligible if you:
- Currently own your property with no debt.
- Are adding new debt to purchase another property.
- Are restructuring debt against a property that is free and clear of any debt.
Your local team at Bank Midwest can review your situation and help determine whether refinancing with an ACRE loan is an option.
How does an ACRE loan work with other grants or assistance programs?
In many cases, an ACRE loan can be used alongside other grants or agricultural assistance programs to help support the purchase of farmland or the growth of a farming operation. These programs may help cover costs such as land, equipment, or other operational needs, while an ACRE loan provides additional financing.
Since each program has its own requirements, our lending agents can guide you on how different funding options may work together.
Are there any fees associated with the loan?
Fees and closing costs are typical for agricultural or farm loans. While fees can vary, in some cases it is possible to include the fees into the total loan amount rather than pay out of pocket. We can provide you with clarity and transparency through this process so you know what to expect.
Can I apply for multiple loans as my farm grows?
Yes! As your farm expands or your financing needs change, you may be eligible to apply for additional loans beyond your initial ACRE loan. Many new farmers take out multiple loans over time to support land purchases, equipment, or other necessities as their operation grows. Eligibility depends on your current financial standing, credit history, and the purpose of the loan.
Our lending agents can help you review your options and determine what financing fits best for your situation.
Take the First Step Toward Your Farm
Our lending experts are here to guide you step-by-step so you can look forward to your future with confidence.
Equal Housing Lender