The USDA Express Loan Act would create two new fast-track loan programs to help farmers and ranchers access credit more quickly. Under these programs, the Agriculture Department would have to approve or deny qualified loan applications within 36 hours, compared to the standard timeline under existing programs. The express loans would cover both farm ownership and farm operating expenses, with maximum loan guarantees of 75 percent for loans up to $750,000 and 50 percent for loans between $750,000 and $1,000,000 per farm operation per year. The Secretary of Agriculture must establish these programs within one year of the bill's enactment. The bill allows lenders approved by USDA to use streamlined loan documents and procedures while still requiring them to verify that borrowers are creditworthy and able to repay before submitting applications.
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