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 · January 11, 2024
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
The Producer and Agricultural Credit Enhancement Act of 2023 increases loan limits available to farmers and ranchers through the U.S. Department of Agriculture's Farm Service Agency. The bill raises the maximum farm ownership loan from $600,000 to $850,000 for direct loans, and from $1.75 million to $3.5 million for guaranteed loans, while also increasing operating loan limits from $400,000 to $750,000 for direct loans and from $1.75 million to $3 million for guaranteed loans. The legislation also raises the microloan program limit from $50,000 to $100,000 and changes how inflation adjustments are calculated by using farm real estate values instead of the current pricing index. Additionally, the bill requires the USDA to create new regulations within one year allowing farmers with distressed guaranteed loans to refinance them into direct loans if they have a reasonable chance of success, providing another credit option for struggling agricultural operations.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.