The new assistance program aims to bolster agricultural businesses and overcome financial challenges.
The U.S. Department of Agriculture (USDA) recently announced plans to offer additional financial support to eligible borrowers of guaranteed Farm Loan Programs (FLP) who are currently facing financial challenges. This initiative stems from the $3.1 billion allocation under the Inflation Reduction Act to assist distressed farm-loan borrowers.
“USDA continues to make progress on our goal to provide producers access to the tools they need to help get back to a financially viable path and ultimately succeed as thriving agricultural businesses,” said Agriculture Secretary Tom Vilsack. “The financial assistance included in today’s announcement will provide a fresh start for distressed borrowers with guaranteed farm loans and will give them the opportunity to generate long-term stability and success.”
Since the enactment of the Inflation Reduction Act in August of last year, over $1.15 billion has been extended to more than 20,000 distressed borrowers. The funding sustains farming activities, overcomes obstacles to land utilization, and enhances long-term borrowing and loan servicing approaches. The current financial aid announcement, similar to that provided to direct loan borrowers, is anticipated to benefit approximately 3,500 eligible borrowers.
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Vilsack as he administers debt relief under the Inflation Reduction Act.
- For USDA officials as they assess applications from farm loan borrowers for this aid.
- For farmers and agricultural producers who are experiencing financial hardship.
Sources: Department of Agriculture
