Senator to Introduce Bill Increasing Funds for Farmer Loan Programs

first_imgSen. John Hoeven, chairman of the Senate Agriculture Appropriations Committee, is planning to re-introduce a bill to increase maximum loan amounts to grant farmers the flexibility they need to operate in times of low commodity prices.The Capital for Farmers and Ranchers Act would increase the maximum loan amount that an individual farmer, producer or rancher is able to receive under the Farm Service Agency’s (FSA) Direct and Guaranteed Loan Programs for Farm Operating Loans and Farm Ownership Loans.The American Soybean Association (ASA) supports this legislation, which would allow growers to continue operating their farms, even during tough years when revenue is low. In June, ASA wrote to Congressional appropriators, asking for additional funding for FSA loan programs, as debt to asset ratios, working capital and cash flow are projected to weaken further this year and “FSA loans serve as an important lifeline for many distressed producers.”“Inadequately funding FSA would be a disservice to our hardworking farmers and ranchers, who are dedicated to feeding our nation and the world,” the letter states.Click here to read the letter.last_img read more