Be an entrepreneur. Finance your agriculture program. Build credit. Youth loans are intended to teach responsible borrowing and money management habits to individuals typically excluded from borrowing due to their age.
GUIDELINES FOR ALL YOUTH LOANS
- All new loan requests must be made in-person. Click here to set up an appointment.
- The maximum amount will be $1,000.
- Proceeds of a Youth Loan cannot be used to pay off an existing Youth Loan or any outstanding debt of a parent, guardian or another individual.
- The purpose of the loan must be documented by the youth.
- The maximum term is 1 year.
- A legal parent or guardian will be required to cosign.
- Completion of the Youth Financial Education session with a designated credit union representative.
ADDITIONAL GUIDELINES FOR AGRICULTURE RELATED YOUTH LOANS
- Proceeds from agriculture-related youth loans must be used for one of the following purposes:
- Buy livestock, seed, equipment, and supplies.
- Buy, rent or repair needed tools and equipment.
- Pay operating expenses related to the project.
- The maximum amount will be $2,500.00.
- The term is 1-2 years depending on the loan amount, the loan purpose and the project.
- The project must be related to agriculture.
All youth loans will include a savings component where 10% of the payment due will be required to be contributed to an established Youth CD in the borrower’s name. The frequency and amount of the payment will have no bearing on this requirement.
Rates will be the federal rate of prime plus 1% on the date of loan disbursal.