Ag announces loan assistance program to help farmers
STAFF REPORT | Hagadone News Network | UPDATED 1 year, 10 months AGO
A farmer harvests alfalfa near Royal City. Costs have gone up significantly for farmers over the last few years and a new loan assistance program from the Department of Agriculture is aimed at reducing pressure on them.
FILE PHOTO
WASHINGTON, D.C. — The US Department of Agriculture has announced a final phase of loan assistance for distressed direct and guaranteed farm loan borrowers through the Inflation Reduction Act. About $300 million is available nationwide.
Conditions for qualifying for the loans depend on delinquencies and when the loan was delinquent, according to a USDA press release. Farms are also eligible for money to help with emergency loans or outstanding interest in some circumstances.
“Payment eligibility is determined on a loan-by-loan basis,” the press release said. “Distressed borrowers may be able to receive assistance under multiple categories if they have multiple direct or guaranteed loans that qualify. However, each qualifying loan may only receive one payment.”
Recipients who qualify in multiple categories would receive a payment based on the option that provides the greatest repayment amount, it said.
Farmers are encouraged to contact their local Farm Security Administration loan staff to see if they qualify, and the options available to them.
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