Bill > HR5367

This bill establishes a pilot program to help beginning farmers and ranchers access development loans that support long-term business growth. Recognizing that new agricultural entrepreneurs often struggle to secure financing for multi-year investments, the bill creates a specialized loan program with unique features: loans can range from $3,000 to $100,000 with repayment terms of 3-10 years, interest rates between 0-3%, and flexible principal repayment requirements. Development expenditures eligible for these loans include purchasing initial assets, establishing soil fertility, developing breeding stock, acquiring small equipment, creating business infrastructure, developing branding, establishing bookkeeping systems, and implementing regulatory compliance practices. The Secretary of Agriculture will be responsible for implementing the program within two years and must provide comprehensive training to loan recipients on management issues like bookkeeping, taxation, cash flow, and risk management. The program requires biennial reporting to Congressional agricultural committees to assess its effectiveness, and loans will not count against existing agricultural lending limitations. The underlying goal is to help beginning farmers and ranchers overcome financial barriers to establishing sustainable agricultural businesses by providing targeted, flexible financing options.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/5367/all-info