Funding provided through the Inflation Reduction Act.
The U.S. Department of Agriculture (USDA) announced that it is providing an additional $130 million to eligible, farm-loan-program borrowers who are encountering financial risk. This automatic financial assistance is part of the $3.1 billion—provided through Section 22006 of the Inflation Reduction Act (IRA)—which assists financially distressed farm loan borrowers.
“Through the Inflation Reduction Act, Congress directed USDA to deliver financial assistance to distressed, farm-loan borrowers as quickly as possible, and that is what we are delivering to help producers across the country stay on their land,” said Agriculture Secretary Tom Vilsack. “Our goal is to make sure we provide producers access to the tools they need to help get back to a financially viable path and ultimately succeed as thriving agricultural businesses.”
The Farm Service Agency will soon begin reviewing and accepting assistance requests from direct-loan borrowers who either missed a recent payment or are unable to make their next scheduled payment.
As the Lord Leads, Pray with Us…
- For Secretary Vilsack as he oversees the distribution of financial assistance to farm-loan borrowers.
- For Administrator Zach Ducheneaux as he heads the Farm Service Agency.
- For farmers who are experiencing difficult economic times to receive the assistance they need.
Sources: Department of Agriculture
