Minnesota FSA Service Centers
Minnesota has 30 USDA Farm Service Agency county offices. Contact your local office to begin a Direct Farm Loan application — processing times average 60 days for Direct loans and 30 days for Guaranteed loans.
Minnesota's Rural Finance Authority administers the Beginning Farmer Loan Program, offering below-market rates for land and equipment purchases. The RFA also administers a seller-assisted loan program and agricultural improvement loans. The combination of RFA and FSA Guaranteed financing can cover most of a beginning farmer's first land purchase. Learn more at mnrfa.mn.gov →
Best Farm Lenders for Minnesota Farmers
Rates current as of May 2026. Lender availability confirmed for Minnesota.
Farm Lenders — Minnesota
5 lenders · Sorted by editorial rating| # | Lender | Loan Type | Rate Range | Max Loan | MN Presence | |
|---|---|---|---|---|---|---|
| 1 |
Compeer Financial
4.8 ★ · Headquartered in MN, major presence
|
Land, Operating, Equipment | 5.95%–9.25% | $25M+ | ✓ Minnesota | Apply → |
| 2 |
National Funding
4.6 ★ · Best for working capital
|
Operating, Equipment | 7.00%–24.00% | $500,000 | ✓ Minnesota | Apply → |
| 3 |
Fora Financial
4.4 ★ · Fast operating capital
|
Operating, Equipment | 7.00%–35.00% | $1,500,000 | ✓ Minnesota | Apply → |
| 4 |
Lendio
4.3 ★ · Marketplace — compare multiple lenders
|
Operating, Equipment, Land | Varies | $5,000,000 | ✓ Minnesota | Apply → |
| — |
USDA FSA Direct Loans
Government program · No affiliate relationship with USDA
|
Land, Operating, Emergency | 4.75%–5.50% | $600,000 | 30 MN Offices | Learn More → |
Minnesota Farmland Loan Market: What to Know in 2026
Minnesota farmland averages $5,600 per acre statewide, but the state's agricultural diversity creates wide regional variation. Southeastern Minnesota's high-quality corn and soybean ground — some of the most productive land in the state — reaches $10,000–$12,000 per acre, while northern Minnesota's mixed farmland and timber ground trades at far lower values.
Minnesota's Rural Finance Authority has one of the most active beginning farmer lending programs in the country. The combination of RFA Beginning Farmer financing and FSA Guaranteed loans can cover most of a first land purchase while keeping rates below commercial market levels — a significant advantage in a state where prime cropland values create access challenges for new operators.
Minnesota-Specific Underwriting Considerations
Compeer Financial is the primary Farm Credit lender in Minnesota, with headquarters in the state and deep familiarity with Minnesota agricultural markets. Lenders underwrite cropland at 70–80% LTV in most of the state. For beginning farmers, layering the MN RFA program with FSA Guaranteed financing is the most effective strategy for maximizing purchasing power while minimizing interest costs.
Minnesota Farm Loan Application Checklist
Gather these documents before contacting lenders to speed up the underwriting process.
- 3 years federal tax returns (Schedule F for farm income)
- Current balance sheet (assets, liabilities, net worth)
- Current year cash flow projection (crop insurance documentation helpful)
- Legal description and most recent appraisal of property (if land purchase)
- FSA farm records (farm number, crop history) from your county FSA office
- Government-issued ID and Social Security number for credit pull
- Existing loan statements (machinery notes, operating lines, land mortgages)