Powered by LevrNAICS 111110: Soybean farming
NAICS 111110 is the industry code for soybean farming. Use it on loan applications, tax forms and registrations. Explore financing for agriculture and start your application when you are ready.
What 111110 covers
Farms classified here grow soybeans as their main crop. The farm may also rotate in small amounts of other grains, but soybeans bring in most of the revenue.
Included in this code
- Soybean farming
- Growing soybeans for seed
- Soybean production for crush or export
- Organic soybean farms
Not this code
- Growing soybeans together with corn or wheat with no single crop dominant: see 111191 Oilseed and grain combination farming
- Soybean crushing and oil extraction: see 311224 Soybean and other oilseed processing
Businesses that use 111110
Financing for this trade
Crop farms lean on seasonal operating lines repaid at harvest, equipment loans for tractors, planters and combines, farm real estate loans and SBA 7(a) for land and buildings. Lenders look closely at yield history, crop insurance coverage, owned versus rented acres and how exposed the farm is to commodity prices.
Apply for funding with AIIs 111110 the right code for a soybean farm?
Yes, if your business grows soybeans and they account for most of your crop sales. If your main activity is growing soybeans together with corn or wheat with no single crop dominant, use 111191 instead. Pick the code that matches the activity earning most of your revenue, and use the same code on your tax return, loan applications and SBA forms.
What is the SBA size standard for 111110?
The SBA size standard for 111110 is $2.25 million in average annual receipts. A business at or under that figure, counting affiliates, is small for SBA loans such as 7(a) and 504 and for federal contracting set asides. Receipts are averaged over the five most recently completed fiscal years.
What financing do soybean farmers use?
Crop farms lean on seasonal operating lines repaid at harvest, equipment loans for tractors, planters and combines, farm real estate loans and SBA 7(a) for land and buildings. Lenders look closely at yield history, crop insurance coverage, owned versus rented acres and how exposed the farm is to commodity prices. Lenders that already fund this trade move faster because they know how to read its cash cycle.
What does NAICS 111110 cover?
Soybean farming. Industry level code in NAICS 2022, under 11 Agriculture, forestry, fishing and hunting, 111 Crop production, 1111 Oilseed and grain farming, 11111 Soybean farming.
What financing do NAICS 111110 businesses use?
Equipment financing, working capital, SBA loans and invoice factoring are the products placed most for agriculture businesses. Start an application and the AI matches the deal to lenders that fund this code.
Where do I put NAICS 111110?
On the SBA loan application, on federal Schedule C or Form 1120, on SAM.gov and state registrations, and on most lender applications. A business can report more than one code; use this one if it describes what produces most of your revenue.