Aug 8, 2024USDA overhauls Farm Loan Programs for greater financial flexibility
Fresh produce growers are set to benefit from new changes to the USDA’s Farm Service Agency (FSA) Farm Loan Programs, which will take effect on Sept. 25, 2024. These updates aim to bolster financial viability, equity, and long-term savings for farmers and ranchers.
“Providing borrowers the financial freedom to increase profits, save for long-term needs, and make strategic investments is the best way to ensure the nation’s farmers and ranchers can build financial equity and resilience,” said Zach Ducheneaux, administrator at FSA.
Updates
- Low-interest installment set-aside program: Financially distressed borrowers can defer up to one annual loan installment per qualified loan at a reduced interest rate.
- Flexible repayment terms: All eligible loan applicants will have access to terms that can improve profitability and build working capital reserves.
- Reduced loan security requirements: This reduces the amount of additional security needed for direct farm loans, minimizing the need to use personal residences as collateral.
For more information, producers are encouraged to contact their local USDA Service Center or visit fsa.usda.gov.
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