X

USDA Farm Loan Program gives 'preferred lender' title to NBT Bank, which operates in Massena, Potsdam, Norfolk, Canton, O'burg

Posted 1/5/16

The USDA Farm Service Agency’s (FSA) Farm Loan Program has named NBT Bank, which has branches in St. Lawrence County, a "Preferred Lender." A statement from USDA says it is "the highest status …

This item is available in full to subscribers.

Please log in to continue

Log in

USDA Farm Loan Program gives 'preferred lender' title to NBT Bank, which operates in Massena, Potsdam, Norfolk, Canton, O'burg

Posted

The USDA Farm Service Agency’s (FSA) Farm Loan Program has named NBT Bank, which has branches in St. Lawrence County, a "Preferred Lender."

A statement from USDA says it is "the highest status lenders can hold in a guaranteed lending program."

“Agriculture contributes greatly to the economy in many of the communities we serve,” said NBT Bank Regional Agriculture Banking Manager Edward Coates. 

NBT has branches in Potsdam, Canton, Massena, Norfolk and Ogdensburg.

Lenders with “preferred” status have a broader authority in making and servicing FSA guaranteed loans and can use their own underwriting and servicing policies, USDA said.

The Preferred Lending Program simplifies the agency's existing farm loan program by reducing the amount of paperwork required to apply for federal loan guarantees, USDA said.