NORTH CAROLINA

Dr. Frank Bordeaux, Executive Director
North Carolina Agricultural Finance Authority
PO Box 27908
Raleigh, NC 27611-7908
Telephone: (919) 790-3949 FAX: (919) 790-3954
E-mail: frank.bordeaux@ncagr.gov
Website: www.ncagr.gov
Organization Began: 1987


Program/Project Title: Series I Farm Real Estate Loans
Program Began: 1988
Contact Person: Frank Bordeaux
Cost/Funding: State funded reserve
Target Group: Farmers having difficulty qualifying for conventional loans
Description: Loans can be used to purchase real estate (land, buildings, improvements); up to 15-year term for as much as 95 percent of appraised value; interest rate is prime plus 1.75 percent variable; North Carolina Agricultural Finance Authority (NCAFA) must be able to obtain FSA guarantee on loan; NCAFA is lender and services loan.

Program/Project Title: Beginning Farmer Loan Program (Series II)
Program Began: 1993
Contact Person: Frank Bordeaux
Cost/Funding: State funded reserve
Target Group: Young farmers beginning land ownership
Description: NCAFA loans 60 percent of need to farmers who obtain 30 percent from FSA’s down-payments loan program; farmer makes 10 percent down payment; interest rate is prime plus 3/4 percent variable.

Program/Project Title: “Ag Start” Beginning Farmer Loans
Program Began: 1997
Contact Person: Frank Bordeaux
Cost/Funding: State revolving fund
Target Group: Beginning Farmers
Description: Joint farm real estate lending program with Farm Credit Services (North Carolina) NCAFA makes 50 percent of loan with FSA guarantee subordinated to FCS loan.

Program/Project Title: Agricultural Development Bonds
Program Began: 1995
Contact Person: Frank Bordeaux
Cost/Funding: Self funded (state covers administrative overhead)
Target Group: All agribusinesses
Description: Tax-exempt bonds (state and federal) are issued for processing and manufacturing of agricultural products; NCAFA has statewide bond authority.

Program/Project Title: Facilities Disaster Loans
Program Began: 1998
Contact Person: Frank Bordeaux
Cost/Funding: State of North Carolina Funds
Target Group: Farmers sustaining damage to farm buildings and structures due to natural disasters.
Description: NCAFA makes low interest loans to repair farm buildings and structures. State appropriation.

Program/Project Title: Agribusiness Loans
Program Began: January 2000
Contact Person: Frank Bordeaux
Cost/Funding: State revolving fund
Target Group: Agribusinesses that are providing value added processing support for other facets of agriculture.
Description: Loans typically have a loan guarantee provided by Rural Economic and Community Development, USDA.

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