What does the state of financial credit look like for young or beginning farmers?

21365758-g.jpg

The House Ag Committee met today to discuss the state of financial credit for young or beginning farmers.

At the center of the discussion were high input and start-up costs for those just entering farming and ranching. Roughly 25 percent of all U.S. farm operations are run by new or beginning producers, and they account for more than $60 million worth of sales, but they cannot secure the funding for the high start-up costs. Congressman Glenn Thompson from Pennsylvania says the next Farm Bill must focus on lowering start-up costs and provide more affordable borrowing options.

“Many farmers and ranchers will borrow more in each growing season than the average American will borrow in their lifetime. Year in and year out, our producers take this huge financial risk because they believe in the work they are doing. They believe in living and raising a family in rural America, and with the right combination of policies including our credit program, we can help our farmers feed and clothe both this nation and the world,” said Thompson.

In June, Thompson and nearly 100 other lawmakers sent a letter to President Biden outlining their solution for reducing costs.

You can read the full letter below.

Agriculture Shows
From soil to harvest. Top Crop is an all-new series about four of the best farmers in the world—Dan Luepkes, of Oregan, Illinois; Cory Atley, of Cedarville, Ohio; Shelby Fite, of Jackson Center, Ohio; Russell Hedrick, of Hickory, North Carolina—reveals what it takes for them to make a profitable crop. It all starts with good soil, patience, and a strong planter setup.
Champions of Rural America is a half-hour dive into the legislative priorities for Rural America. Join Host and Market Day Report Anchor Christina Loren as she interviews members of the Congressional Western Caucus to learn about efforts in Washington to preserve agriculture and tackles the most important topics in the ag industry on Champions of Rural America!
Farm Traveler is for people who want to connect with their food and those who grow it. Thanks to direct-to-consumer businesses, agritourism, and social media, it’s now easier than ever to learn how our food is made and support local farmers. Here on the Farm Traveler, we want to connect you with businesses offering direct-to-consumer products you can try at home, agritourism sites you can visit with your family, and exciting new technologies that are changing how your food is being grown.
Featuring members of Congress, federal and state officials, ag and food leaders, farmers, and roundtable panelists for debates and discussions.
Host Ben Bailey hops in the tractor cab, giving farmers 10 minutes to answer as many questions and grab as much cash as they can for their local FFA chapter.