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Major Increases in Farm Loan Limits and New Refinancing Options for Farmers.

This law significantly raises the maximum amounts available for federal farm ownership and operating loans, both direct and guaranteed, helping farmers access more capital for growth and maintenance. Crucially, it establishes a new process allowing farmers with struggling guaranteed loans to refinance them into direct government loans, offering a financial safety net for distressed operations. Additionally, the maximum microloan amount is doubled to $100,000.
Key points
Maximum direct farm ownership loans increase from $600,000 to $850,000; guaranteed loans increase up to $3,000,000.
Maximum direct operating loans increase from $400,000 to $750,000; guaranteed loans increase up to $2,600,000.
Farmers with distressed guaranteed loans can now apply to refinance them into direct government loans under specific conditions.
The maximum amount for farm microloans is doubled from $50,000 to $100,000, easing access to smaller financing.
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Additional Information
Print number: 118_S_2890
Sponsor: Sen. Hoeven, John [R-ND]
Process start date: 2023-09-21
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Summarized by: gemini-2.5-flash-preview-09-2025
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_S_2890.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-09-21.

What are the main provisions?

Key points include:

  • Maximum direct farm ownership loans increase from $600,000 to $850,000; guaranteed loans increase up to $3,000,000.
  • Maximum direct operating loans increase from $400,000 to $750,000; guaranteed loans increase up to $2,600,000.
  • Farmers with distressed guaranteed loans can now apply to refinance them into direct government loans under specific conditions.
  • The maximum amount for farm microloans is doubled from $50,000 to $100,000, easing access to smaller financing.
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 Sen. Hoeven, John [R-ND].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Agriculture Economy