Farm Bill Changes Loan Limits for First Time in 24 Years
Direct farm operating and ownership loan limits are increased.
Compiled by staff
Published: Jul 29, 2008
Secretary of Agriculture Ed Schafer announced the implementation of another provision of the 2008 Farm Bill that increases loan limits for direct operating and farm ownership loans. Farm Service Agency loan limits have been set at $200,000 since 1984, but the Farm Bill has raised it to $300,000.
"Our Farm Service Agency has already started making loans with today's costs of running a farm our top consideration," Schafer said. "We are proud to help the hard-working Americans who were struggling with the high costs of running a family farm - especially beginning and socially disadvantaged producers. USDA is working together with farmers at the local level to make this happen."
The increased loan limits will help farmers whose credit requirements could not previously be met by the FSA loan limits. Also farmers who have already borrowed the previous limit will be eligible for additional loans from FSA.
Farm ownership, operating, emergency, and youth loans are available under the direct program as well as loans for beginning farmers and socially disadvantaged farmers. To find out more about the program or to apply for direct operating or farm ownership loans, visit your local FSA office.
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Tagged: farm, FSA, farm bill, Farm Service Agency, usda
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