In a letter, ABA urged House lawmakers to support the Access to Credit for our Rural Economy Act, which the association said would grow rural America by making it easier for farmers, ranchers and rural families to access low-cost credit.
Approximately $3.1 billion will be spent on 141 pilot projects, providing incentives for producers to adopt climate-sensitive practices on working lands.
Approximately $45 million will be made available by the U.S. Department of Agriculture to organizations that help underserved and veteran farmers, ranchers and foresters own and operate successful farms.
ACRE would amend IRS code to level the playing field for community banks to administer agricultural real estate loans by granting them tax exempt status on earned interest.
The bill addresses the shortage of technical service providers who help producers access USDA conservation programs through one-on-one assistance.
Bill would strengthen food systems infrastructure and promote local economic development.
Bert Ely outlines five critical items that are key provisions Congress should include in the upcoming Farm Bill.
The program will provide interest rate rebate payments to participating U.S. farmers for performing sustainable practices and providing annual agronomic data.
The act would double the authorization of current programs from $50 million to $100 million to ensure access to agricultural innovation projects across multiple states.
USDA will provide approximately $123 million in additional, automatic financial assistance for qualifying farm loan program borrowers who are facing financial risk.