The House today passed a $1 trillion compromise spending bill that funds the government through the end of the fiscal year on Sept. 30. The bill is expected to be passed by the Senate and signed by President Trump.
American Bankers Association advocacy secured key increases in funding for agricultural and rural loan guarantee programs. The Department of Agriculture’s Guaranteed Farm Ownership Loan Program will see funding rise from $2 billion to $2.75 billion and the Guaranteed Farm Operating Loan Program will see a boost from $1.43 billion to $1.96 billion.
Meanwhile, the Business and Industry Guaranteed Loan Program will grow in funding from $892 million to $919 million, while the Rural Community Facilities Program will see an increase from $146 million to $148.3 million. The spending bill also includes ABA-advocated language allowing the secretary of agriculture to transfer funds among the guaranteed loan programs as needed. For more information, contact ABA’s Ed Elfmann.