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USDA farm loan program changes

By John Nixon

08/12/2024

(KLZA)--The U.S. Department of Agriculture has announced changes to the Farm Service Agency- (FSA) Farm Loan Programs, effective Sept. 25, 2024 — changes that are intended to increase opportunities for farmers and ranchers to be financially viable.

The improvements, part of the Enhancing Program Access and Delivery for Farm Loans rule, demonstrate USDA- commitment to improving farm profitability through farm loans designed to provide important financing options used by producers to cover operating expenses and purchase land and equipment.

Farm loan policy changes outlined in the Enhancing Program Access and Delivery for Farm Loans rule, are designed to better assist borrowers to make strategic investments in the enhancement or expansion of their agricultural operations.

The program establishes a new low-interest installment set-aside program for financially distressed borrowers.

Provides all eligible loan applicants access to flexible repayment terms that can increase profitability and help build working capital reserves and savings, and reduces additional loan security requirements to enable borrowers to leverage equity.

USDA encourages producers to reach out to their local FSA farm loan staff to ensure they fully understand the wide range of loan and servicing options available to assist with starting, expanding, or maintaining their agricultural operation. To conduct business with FSA, please contact your local USDA Service Center.

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