Easier Farm Ownership Loans: Pilot Program for Pre-Approval Process.
This Act establishes a 5-year pilot program to simplify how farmers and ranchers apply for direct federal farm ownership loans. It introduces a pre-qualification or pre-approval process designed to reduce application time and uncertainty. The program specifically aims to prioritize outreach to organizations supporting beginning farmers, potentially increasing their access to capital.
Key points
Creation of a pre-qualification process for federal direct farm ownership loans, streamlining access to capital for farmers.
Allows the use of alternative methods (like financial benchmarking) to assess a borrower's financial viability and repayment likelihood.
The 5-year pilot program focuses outreach efforts on supporting new and beginning farmers and ranchers.
Status:
Expired
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