Aug 7, 2024USDA revises Farm Loan Programs for increased financial flexibility
The U.S. Department of Agriculture (USDA) has announced updates to the Farm Service Agency’s (FSA) Farm Loan Programs, effective Sept. 25, 2024. These changes are aimed at boosting financial stability and growth opportunities for tree nut growers, providing them with tools to manage their operations and invest in their businesses.
“USDA recognizes that farm loans are crucial for tree nut producers, especially in challenging economic climates. By offering improved loan options, we aim to help these growers increase profitability, build long-term savings, and make strategic investments,” said Zach Ducheneaux, administrator for FSA. “Our goal is to reduce lending barriers and enhance financial resilience for all farmers, including those in the tree nut sector.”
The updated policies include a new low-interest installment program for financially distressed borrowers, allowing them to defer one annual loan installment at a reduced rate. Additionally, all eligible applicants will now have access to more flexible repayment terms, designed to bolster working capital and support savings. The updates also reduce the need for additional loan security, easing the process for growers to leverage their equity.
For more information on these new loan options, visit the USDA Farm Service Agency website at fsa.usda.gov or contact your local USDA Service Center.
