SB2890: Producer and Agricultural Credit Enhancement Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Consolidated Farm and Rural Development Act to modify limitations on amounts of farm ownership loans and operating loans, and for other purposes.
Plain-language summary
This bill would change the rules for farm loans given by the U.S. Department of Agriculture. It aims to increase the maximum amount of money farmers can borrow for buying land and for operating their farms each year. The bill modifies the Consolidated Farm and Rural Development Act, which is the main federal law controlling farm lending. Farm ownership loans help farmers buy or improve farmland, while operating loans help with yearly costs like seeds and equipment. The bill is currently in the early stage, having just been introduced in Congress.
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SB2890: Producer and Agricultural Credit Enhancement Act of 2023