Farm Service Agency Welcomes Local Credit Union as a Guaranteed Lender
The Farm Service Agency (FSA) recently approved the Matanuska Valley Federal Credit Union (MVFCU) as a standard eligible lender in FSA’s guaranteed loan program. FSA guaranteed loans provide lenders such as MVFCU with a guarantee up to 95 percent of the loss of principal and interest on a loan. Farmers and ranchers apply to the agricultural lender, which then arranges for the guarantee. The FSA guarantee permits MVFCU to make agricultural credit available to local farmers, ranchers and growers who do not meet the lender’s normal underwriting criteria.
FSA is excited to see that this local lender is interested in providing financing to our farmers and ranchers. For the credit union’s part, MVFCU sees the move as returning to their roots. MVFCU was established in 1948 and provided needed financing to folks who were helping grow the valley back in the late 1940s and early 1950s. The Matanuska Valley Federal Credit Union is a local financial cooperative serving people in the Mat-Su borough and Chugiak/Eagle River areas.Those needing agricultural financing should contact Greg Bendle, 694-4632 or Paul Dombroski, 745-4645 at MVFCU or, call their local FSA office.
Posted: March 30, 2010