FSA Increasing Funding for Farm Loans

September 7, 2016 01:16 PM

The USDA has announced it will increase funding for farm loans to help more than 1,900 approved applicants. 

The reprogrammed funds by Farm Service Agency (FSA) will leverage $185 million for operating loans. 

Given the current farm economy, FSA loans are in higher demand in 2016. 

The money is believed to cover nearly 30 percent of the loan back log ahead of the start of the next fiscal year. 

“Some of our farming and ranching customers are experiencing challenges due to market conditions and have been on a wait list for up to 60 days, so this will help those applicants whose paperwork has been pending the longest period of time to obtain credit or restructure loans as needed,” said Val Dolcini, administrator for the USDA FSA.

In the 2016 fiscal year, more than 6,400 customers were guaranteed loans for farm ownership and operating. A new year coupled with fresh funding starts Oct. 1.

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