
USDA highlights programs helping distressed farm borrowers, outlines 2023 goals
In 2022, the USDA’s Farm Service Agency FSA provided nearly $800 million in assistance to distressed borrowers.
In 2022, the USDA’s Farm Service Agency FSA provided nearly $800 million in assistance to distressed borrowers.
Bankers’ priorities for this year’s Farm Bill reauthorization include increasing the loan limits for Farm Service Agency guaranteed loan programs and increasing funding levels in rural development loan programs, the American Bankers Association said this week in comments to policymakers.
The legislation would remove the tax liability for distressed farmers on the assistance provided under Sections 22006 and 22007 of the Inflation Reduction Act.
David Scott (D-Ga.) was elected by the House Democratic Caucus to serve as ranking member of the committee.
Ag leadership development programs provide training and skillsets that translate well into talents needed by successful bankers.
Investments include improved risk protection for underserved producers, livestock processing capacity, and disaster and pandemic relief.
Reporting component of the SEC proposal would place “undue burden” on farmers who provide raw products to the value chain, opponents say.
ABA leadership discussed some of the association’s primary advocacy efforts affecting ag lenders and the farmers and ranchers they serve.
Forty-nine percent ranked interest rate volatility among their top two concerns, up 35.5 percentage points from last year.
The relief effort is part of the $3.1 billion allocated by the Inflation Reduction Act for distressed borrowers of USDA loans.