The U.S. Department of Agriculture (USDA) announced an additional $250 million in financial assistance for distressed farm loan borrowers. This funding is aimed at helping farmers and ranchers struggling with loan payments, as part of the Inflation Reduction Act. No application is required, as payments will be made automatically to qualifying borrowers.
Since August 2022, the USDA has distributed $2.4 billion to over 43,900 distressed borrowers, helping farmers keep their land and continue operations. This latest support is expected to benefit about 4,650 borrowers, including those with Shared Appreciation Agreements, which require repayment when real estate security appreciates in value.
Payments will be made based on existing loan records. Delinquent direct and guaranteed loans as of September 30, 2024, will be automatically covered. Shared Appreciation Agreements may also qualify for assistance to help prevent added debt burdens as servicing actions paused during the pandemic resume.
These measures are part of USDA’s ongoing effort to make farm loan programs more accessible and supportive. USDA encourages farmers to reach out to their local Farm Service Agency for more information on loan and servicing options.
Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet News Hour and The AgNet Weekly podcast. Sabrina is a native of California’s agriculture-rich Central Valley.