U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) Administrator Bruce Nelson announced a new rule that expands loan opportunities for beginning and socially disadvantaged farmers and ranchers, while also establishing a new Land Contract Guarantee Program. The rule provides additional flexibility allowing FSA loan officers to consider all prior farming experience, including on-the-job training and formal education, when determining eligibility for FSA for farm operating and ownership loans. It also expands a previous pilot program, the Land Contract Guarantee Program, from six states to all 50 states. This program is designed to encourage farmers and ranchers to sell their property to beginning and socially disadvantaged (SDA) farmers and ranchers through the use of seller financing.
“USDA continues to find ways to improve our services for farmers and ranchers by streamlining processes, accelerating delivery, and using innovative solutions to 21st century agricultural challenges,” said Nelson. “These improvements demonstrate FSA’s commitment to helping the next generation of America’s farmers and ranchers participate in our nation’s agricultural economy.… Continue readingRead More »