To amend the Consolidated Farm and Rural Development Act to modify limitations on amounts of farm ownership loans and operating loans, and for other purposes.
About This Bill
Committee
Latest Action · September 21, 2023
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
The Producer and Agricultural Credit Enhancement Act of 2023 increases the maximum loan amounts available to farmers through the U.S. Department of Agriculture's Farm Service Agency. The bill raises the limit for farm ownership loans from $600,000 to $850,000 for direct loans and from $1.75 million to $3 million for guaranteed loans, and increases operating loan limits from $400,000 to $750,000 for direct loans and from $1.75 million to $2.6 million for guaranteed loans. The legislation also doubles the microloan limit from $50,000 to $100,000, making smaller credit products available to more farmers. Additionally, the bill requires the Agriculture Department to create new regulations within one year allowing distressed farmers with failed guaranteed loans to refinance into direct loans if their operations have a reasonable chance of success. The bill changes how loan limits are adjusted annually, basing increases on farm real estate and cropland values rather than a prices index, and expresses Congress's intent to fully fund these loan programs to support beginning and family farmers.
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