Bill > HR5631

This bill, the Producer and Agricultural Credit Enhancement Act of 2023, aims to modify the limitations on farm ownership loans and operating loans provided by the Consolidated Farm and Rural Development Act. Specifically, it increases the maximum loan amounts for farm ownership loans from $600,000 to $850,000 (or from $1.75 million to $3.5 million for guaranteed loans) and for operating loans from $400,000 to $750,000 (or from $1.75 million to $3 million for guaranteed loans). The bill also changes the formula used to calculate the annual inflation adjustment for these loan limits, basing it on changes in average U.S. farm real estate, cropland, and pasture values. Additionally, the bill raises the maximum microloan amount from $50,000 to $100,000 and allows certain distressed guaranteed loans to be refinanced into direct loans issued by the Farm Service Agency. Finally, the bill expresses the sense of Congress that access to credit is essential for the success of farmers and ranchers, and that the Farm Service Agency's loan programs should be fully funded to meet producer demand, help beginning farmers, and support family farms.

Agriculture and Natural Resources

https://www.congress.gov/bill/118th-congress/house-bill/5631/all-info