U.S. Secretary of Agriculture Tom Vilsack announced modifications to the loan programs administered by the U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) as a result of the 2014 Farm Bill and to provide increased opportunities for the nation’s farmers and ranchers.
“These improvements to our Farm Loan Programs will help a new generation benefit farming and grow existing farm operations,” Vilsack said in a news release.
Elimination of loan term limits for guaranteed operating loans, changes to the definition of the beginning farmer and an increase of the maximum loan amount for Direct Farm Ownership down payments are effective immediately.
A fact sheet outlining detailed modifications to the Farm Loan Programs is available here.