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.
Status:
Expired
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