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I would like to purchase farmland at a cost of $125,000. Would I be able to come in for remaining proceeds in 6 months to purchase equipment?

April 26, 2017able COST farmland months proceeds purchase remaining

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I would like to purchase farmland at a cost of $125,000. Would I be able to come in for remaining proceeds in 6 months to purchase equipment?

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Yes, it is possible to use the NYBFLP more than once, if the beginning farmer still meets eligibility requirements. The purchase of substantial farmland instantly changes your status as a beginning farmer and you would not be eligible to re-apply for the equipment. We recommend when dealing with your lender clearly state your intentions and apply to the program for the land and equipment purchase at the same time.