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Faster Loans for Farmers: New USDA Programs

This new act aims to speed up access to credit for farmers and ranchers in the U.S. It introduces two new USDA-guaranteed loan programs designed to reduce decision times to 36 hours. This will allow farmers to obtain funds for their operations more quickly.
Key points
Faster Credit Access: Decisions on USDA-guaranteed loans will be made within 36 hours.
Two New Programs: New programs for farm ownership and farm operating loans will be established.
Loan Limits: The maximum loan amount is $1,000,000 per farm or ranch operation per year.
Guarantee Percentage: USDA will guarantee up to 75% for loans up to $750,000, and 50% for loans up to $1,000,000.
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Additional Information
Print number: 118_HR_5877
Sponsor: Rep. Finstad, Brad [R-MN-1]
Process start date: 2023-10-03
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

USDA Express Loan Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5877.

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 2023-10-03.

What are the main provisions?

Key points include:

  • Faster Credit Access: Decisions on USDA-guaranteed loans will be made within 36 hours.
  • Two New Programs: New programs for farm ownership and farm operating loans will be established.
  • Loan Limits: The maximum loan amount is $1,000,000 per farm or ranch operation per year.
  • Guarantee Percentage: USDA will guarantee up to 75% for loans up to $750,000, and 50% for loans up to $1,000,000.
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