USDA debt relief legislation would help farmers unable to get regular loans

Several pieces of legislation, both passed and the pending Build Back Better bill, have provisions for farmer debt relief. However, some of the efforts have been held up in several lawsuits based on claims of discrimination.

For some producers, this includes better access to credit offerings.

Ag Secretary Tom Vilsack says that this would benefit farmers who cannot just walk into a bank to get a loan. They are usually working with the only lender they can, the USDA.

“Under the terms and conditions of this debt relief proposal. We’re going to see a lot of these farmers get a little bit of assistance, a little bit of help, a little bit of a leg up. Maybe they weren’t able to benefit as extensively from some of the other COVID relief, assistance packages that have been provided before. This gives them the ability to stay in business, stay on the farm, and give them a little bit of breathing room, which I think is really, really important,” the Secretary explains.

He says that this will impact beginning and socially disadvantaged farmers the most.

Related:

Build Back Better will NOT hurt farmers, according to Secretary Vilsack

Congress has a new plan for debt relief for farmers with limited resources

USDA’s debt relief for farmers of color hits hurdle in TN

DOJ: government does have right to provide debt relief to farmers of color