By Andi Anderson
Rural advocates are pushing for more farmer credit, and the Fair Credit for Farmers Act could help. The bill would improve access to Farm Service Agency money, relax loan eligibility rules, and extend repayment terms by two years. This would help young and disenfranchised farmers access federal credit to run their farms.
The Fair Credit for Farmers Act could be part of the new Farm Bill, but Congress has not yet started debating it. Iowa's congressional delegation has not taken a position on the Act.
Here are some of the key benefits of the Fair Credit for Farmers Act:
- Improved access to Farm Service Agency money: The bill would make it easier for farmers to qualify for Farm Service Agency loans. This would help farmers who have been denied loans by traditional banks or who have difficulty meeting the strict requirements of Farm Service Agency loans.
- Relaxed loan eligibility rules: The bill would relax the loan eligibility rules for Farm Service Agency loans. This would make it easier for farmers with less experience or fewer assets to qualify for loans.
- Extended repayment terms: The bill would extend the repayment terms for Farm Service Agency loans by two years. This would give farmers more time to repay their loans and reduce their monthly payments.
The Fair Credit for Farmers Act would be a valuable tool for helping young and disenfranchised farmers access the credit they need to succeed. It is important for Congress to pass this bill and make it easier for farmers to start and grow their businesses.
Photo Credit: gettyimages-eugenesergeev
Categories: Iowa, Business