More assistance is now available to farmers who need loans in order to alleviate some financial distress.
Since the Inflation Reduction Act was signed into law last August, the U.S. Dept. of Agriculture (USDA) has given out more than $1 billion dollars to 20,000 borrowers in the agricultural sector. The USDA recently announced a new round of financial help similar to what was given through the Farm Loan Program last year.
The Farm Service Agency says there are some criteria anyone requesting help needs to meet:
“Borrowers who did not receive any automatic payment because they were not yet 60 days delinquent as of September 30, 2022, as well as guaranteed borrowers that became delinquent between September 30 and October 18, 2022,” FSA Administrator Zach Ducheneaux said. “The producers that had a loan restructure between March 1, 2020, and August 1, 2023, are eligible for some of this assistance as well. Payments on deferred guaranteed loan amounts are limited up to $100,000. The payment will be the lesser of the most recent deferral or extension amount, or the amount required to pay the account in full.”
If you’d like to learn more about this program, click here to apply.
