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.