A new tool with easier-to-understand information is now live for farmers and ranchers looking at applying for USDA farm loans.
Agency leaders say they hope the new format will improve access to agency programs and services while simplifying the process. It was designed to look more like a financial document with easier-to-read content and less like a legal document. Administrators hope it helps limit a high number of incomplete or withdrawn applications, specifically for underserved producers.
“One of the challenges we have in those programs is we have a fairly convoluted application process and it’s hard for producers to understand from the outset what the eligibility requirements are, what we might use loan money for, and where they fit into the suite of services that we currently offer. The Loan Assistance Tool is really our effort to start reimagining how we’re going to do farm loans into the future using the loan assistance to a producer who can go to the website, click through, and really get a better understanding of what their eligibility is, like what programs we have to offer within our farm loan programs and how that can help them in their business,” said Zach Ducheneaux.
Right now, the Agency says it takes around six months to get an application in and process it. They’re hoping this new tool will help move the process along much quicker, so producers can take advantage of opportunities when they present themselves.
