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Increased Loan Guarantees for Farmers, Especially New and Disadvantaged

This act increases the maximum loan guarantees for farmers, helping them secure financing for agricultural operations. More favorable terms are provided for young and beginning farmers, as well as those from disadvantaged groups, making it easier for them to start and grow. These changes can improve access to capital for many farms.
Key points
Maximum loan guarantee amount increased to $4 million for all farmers.
Higher guarantees (up to 95%) for beginning and socially disadvantaged farmers, improving their access to loans.
Annual adjustment of guarantee amounts for inflation to maintain their real value.
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Expired
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Additional Information
Print number: 118_HR_541
Sponsor: Rep. Bost, Mike [R-IL-12]
Process start date: 2023-01-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

BALE Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_541.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-26.

What are the main provisions?

Key points include:

  • Maximum loan guarantee amount increased to $4 million for all farmers.
  • Higher guarantees (up to 95%) for beginning and socially disadvantaged farmers, improving their access to loans.
  • Annual adjustment of guarantee amounts for inflation to maintain their real value.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Bost, Mike [R-IL-12].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Agriculture Economy