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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.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_5231
Sponsor: Sen. Welch, Peter [D-VT]
Process start date: 2024-09-25
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Farm Ownership Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5231.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-25.

What are the main provisions?

Key points include:

  • 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.
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. Welch, Peter [D-VT].

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