Bill > HR5004

This bill aims to reduce the eligibility requirements for direct farm real estate loans under the Consolidated Farm and Rural Development Act, making it easier for new farmers to access agricultural financing. Specifically, the bill modifies the existing loan qualification criteria by changing the required farming experience from three years to just one year of substantially participating in farm or ranch management and business operations. The Secretary of Agriculture would have the discretion to determine what constitutes acceptable experience, potentially including alternative educational backgrounds or shorter periods of practical experience. For farmers who do not meet the full one-year requirement, the bill allows the Secretary to consider applicants with as little as six months of experience. This change is designed to lower barriers to entry for young and beginning farmers, potentially helping to support the next generation of agricultural professionals by making farm ownership and agricultural business development more accessible through federal loan programs.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/5004/all-info