Powered by LevrNAICS 111120: Oilseed (except soybean) farming
NAICS 111120 is the industry code for oilseed (except soybean) farming. Use it on loan applications, tax forms and registrations. Explore financing for agriculture and start your application when you are ready.
What 111120 covers
Farms classified here grow oilseeds other than soybeans, such as canola, sunflower, flaxseed, safflower, mustard seed and rapeseed. The crop is sold mainly for crushing into oil or for seed.
Included in this code
- Canola farming
- Sunflower farming
- Flaxseed farming
- Safflower farming
- Mustard seed farming
- Rapeseed farming
- Sesame farming
Not this code
- Soybean farming: see 111110 Soybean farming
- Peanut farming: see 111992 Peanut farming
- Oilseed crushing and refining: see 311224 Soybean and other oilseed processing
Businesses that use 111120
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 111120 the right code for an oilseed farm such as canola, sunflower or flax?
Yes, if your business grows oilseeds like canola, sunflower or flax and soybeans are not your main crop. If your main activity is soybean farming, use 111110 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 111120?
The SBA size standard for 111120 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 oilseed 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 111120 cover?
Oilseed (except soybean) farming. Industry level code in NAICS 2022, under 11 Agriculture, forestry, fishing and hunting, 111 Crop production, 1111 Oilseed and grain farming, 11112 Oilseed (except soybean) farming.
What financing do NAICS 111120 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 111120?
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.