The USDA is making changes to the Farm Service Agency’s Farm Loan Programs that take effect on September 25th.
The changes are intended to increase opportunities for farmers and ranchers to be financially viable.
These improvements are part of the Enhancing Program Access and Delivery for Farm Loans rule.
“USDA recognizes that Farm Service Agency’s loan making and servicing activities are critical for producers, especially in tough times,” says FSA Administrator Zach Ducheneaux. “Providing borrowers the financial freedom to increase profits, save for long-term needs, and make strategic investments is the best way the nation’s farmers and ranchers can build financial equity and resilience.”
Notable policy changes include providing all eligible loan applicants access to flexible repayment terms that can increase profitability and help build working capital reserves and savings.
The change also establishes a new low-interest installment set-aside program for financially distressed borrowers. For more information, go to fsa.usda.gov.
