OMAHA (DTN) — USDA on Friday announced it will start paying off up to $4 billion in debt for minority farmers with notices going out to farmers about their payment relief.
USDA officials started the process of debt relief for just under 16,000 borrowers by sending them notices that USDA will be making payments on Farm Service Agency direct loans. Direct loans account for about 85% of all loans USDA will be paying off.
There also are guaranteed loans with private lenders that will be paid off later this summer, as well as loans that have been previously referred to the Department of Treasury for debt collection, USDA stated.
To tout the loan payoff for minority farmers, U.S. Agriculture Secretary Tom Vilsack will travel to Georgia on Saturday for a roundtable with Black farmers at Fort Valley State University. Joining Vilsack and farmers at the historically Black university will be Georgia Democratic Sens.