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Increased Loans for Farmers: Support for Agricultural Operations

This act raises the maximum loan amounts available to farmers for land acquisition and operational expenses. This makes it easier for farmers to access larger funds, potentially aiding in farm development and debt repayment. The changes aim to support the financial stability of the agricultural sector.
Key points
Increased Farm Ownership Loan Limits: Farmers can now apply for larger loans to purchase agricultural land, facilitating investment and growth.
Higher Operating Loan Limits: Larger amounts are available for day-to-day farm operations, helping cover production costs.
Refinancing Guaranteed Loans into Direct Loans: Farmers facing financial difficulties can more easily convert their guaranteed loans into direct loans, potentially improving their situation.
Microloan Limit Doubled: Small farms can obtain up to $100,000 through microloans, supporting their development.
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Additional Information
Print number: 118_HR_5631
Sponsor: Rep. Finstad, Brad [R-MN-1]
Process start date: 2023-09-21
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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

Producer and Agricultural Credit Enhancement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5631.

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 2023-09-21.

What are the main provisions?

Key points include:

  • Increased Farm Ownership Loan Limits: Farmers can now apply for larger loans to purchase agricultural land, facilitating investment and growth.
  • Higher Operating Loan Limits: Larger amounts are available for day-to-day farm operations, helping cover production costs.
  • Refinancing Guaranteed Loans into Direct Loans: Farmers facing financial difficulties can more easily convert their guaranteed loans into direct loans, potentially improving their situation.
  • Microloan Limit Doubled: Small farms can obtain up to $100,000 through microloans, supporting their development.
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. Finstad, Brad [R-MN-1].

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