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Easier Farm Ownership Loans: New Pilot Program for Farmers

This act establishes a pilot program to simplify the process for farmers and ranchers to obtain direct farm ownership loans. The program aims to make loan applications faster and more predictable, potentially aiding agricultural business development. It will run for five years, with ongoing evaluation of its effectiveness.
Key points
Introduction of a pilot program to streamline the direct farm ownership loan application process for farmers and ranchers.
Enables pre-qualification or pre-approval for loans, speeding up lending decisions.
Allows for alternative financial assessment methods, including benchmarking, to better evaluate repayment likelihood.
Prioritizes outreach to organizations supporting beginning farmers and ranchers.
The program will be continuously evaluated, with annual reports to determine if it should become permanent.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_910
Sponsor: Sen. Welch, Peter [D-VT]
Process start date: 2025-03-10
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Summarized by: gemini-2.5-flash-preview-05-20
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 119_S_910.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-03-10.

What are the main provisions?

Key points include:

  • Introduction of a pilot program to streamline the direct farm ownership loan application process for farmers and ranchers.
  • Enables pre-qualification or pre-approval for loans, speeding up lending decisions.
  • Allows for alternative financial assessment methods, including benchmarking, to better evaluate repayment likelihood.
  • Prioritizes outreach to organizations supporting beginning farmers and ranchers.
  • The program will be continuously evaluated, with annual reports to determine if it should become permanent.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Agriculture