Bill > HR5877

This bill, the USDA Express Loan Act, amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to create two new loan programs: the USDA Express Guaranteed Farm Ownership Loan Program and the USDA Express Guaranteed Farm Operating Loan Program. These programs are designed to enable faster access to credit for America's farmers and ranchers. The bill specifies that under the USDA Express Guaranteed Farm Ownership Loan Program, the Secretary must notify lenders within 36 hours whether their loan application is approved or disapproved, and it sets limits on the maximum loan amount and guarantee percentage. The bill also directs the Secretary to establish the USDA Express Guaranteed Farm Operating Loan Program on the same basis as the Farm Ownership Loan Program.