What is The Sheep & Goat Innovation Fund?
The Sheep and Goat Innovation Fund is a revolving fund established within the National Livestock Producers Association to assist the U.S. sheep and goat industries by strengthening and enhancing the production and marketing of sheep and goats and their products in the United States.
The Fund is the result of a joint effort of the American Sheep Industry Association (ASI) and the National Livestock Producers Association (NLPA). Through Congress, funds were made available to NLPA, which serves as a loan intermediary and established the Sheep and Goat Innovation Fund. NLPA has the ability to service and administer this important program and was selected for their ability to provide:
The purpose of the fund has been to assist in financing projects beyond the farm gate; however, recently the fund was given the ability to make term loans to sheep and goat producers for the purpose of flock and herd expansion.
Quick Facts:It is the mission of the Sheep & Goat Innovation Fund to encourage innovation and efficiency in the sheep and goat industries by providing credit to eligible and qualified entities. NLPA has established the following goals for the Sheep & Goat Innovation Fund:
Flock and Herd Expansion Loans:
As of June 2013, the Fund has had the ability to make term loans to sheep or goat producers for the purpose of flock or herd expansion. Up to $2 million of the Sheep and Goat Fund has been identified for qualified applicants to be used specifically for the purchase of breeding animals. This new loan program is the result of a joint effort between NLPA and the American Sheep Industry Association (ASI) in the spirit of ASI’s Let’s Grow initiative.
A few of the conditions of the lending program include:
Who is an Eligible Borrower?
An individual (sole proprietor) is not considered an eligible entity. This restriction was written into the legislation that set up and funded the Sheep Center. However, applicants may be a public, private, or cooperative organization; an association; corporation; nonprofit organization; a partnership; a limited liability company; a federally recognized Indian Tribe; a public or quasi-public agency; or any other recognized business organization.
However, for the Flock Expansion Loan product, sole proprietors are eligible to borrow funds.
Basic Facts about the Fund:
How Can the Funds be Used?