Learn how a native Floridian utilized AgAmerica’s Citrus Grove Loan to transition property for row crops.
The Challenge
The borrower, a lifelong Florida citrus and agriculture industry entrepreneur, aimed to convert his land from citrus to row crop usage. The 1,860 acres of abandoned citrus grove needed to be laser-leveled, graded, and upgraded to have irrigation and drainage culverts installed before the 2016 planting season. The farm’s fertile land will produce row crops valued in the Florida ag market: corn, corn silage, and grain sorghum silage. The demand for these crops in Central Florida is directly tied to both the local dairy industry and to feeding out calves for beef. In addition, the borrower plans to expand into an alternative crop – rice – as it performs well during the Florida rainy season.
The Solution
With typical ag lenders unable to qualify him for a loan, he turned to AgAmerica to help fund the conversion. The $10.5MM loan allowed the borrower to refinance his debt, make needed land improvements, and access cash for the day-to-day operations of his new business endeavor.
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