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Farm Ownership Improvement Act
3/27/2025, 3:23 AM
Summary of Bill S 910
The bill would require the Secretary of Agriculture to establish a pilot program that would implement a pre-qualification or pre-approval process for farmers and ranchers applying for these loans. This process would streamline and expedite the loan application process, making it easier for farmers and ranchers to access the financial support they need to purchase land and expand their operations.
In addition to establishing the pilot program, the bill also includes provisions for other purposes related to improving access to farm ownership loans for agricultural producers. Overall, Bill 119 s 910 aims to support farmers and ranchers by simplifying the loan application process and providing them with the resources they need to grow and succeed in the agricultural industry.
Congressional Summary of S 910
Farm Ownership Improvement Act
This bill directs the Department of Agriculture (USDA) to establish a pilot program to implement a pre-qualification or pre-approval process for farmers and ranchers for direct farm ownership loans. As background, the Farm Service Agency Direct Loan Program provides Farm Ownership Loans to farmers and ranchers for the purchase and development of farm property.
Under the five-year pilot program, USDA must prioritize outreach to organizations that have demonstrated engagement with beginning farmers or ranchers.
In addition, USDA may make use of alternative methods, including financial benchmarking, to reliably evaluate the financial viability of a participant in the pilot program and the likelihood of repayment of the applicable loan.
USDA must submit an annual report to Congress on the pilot program, which must include a description of the program's performance outcomes and a recommendation as to the pilot program's value.
