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USDA announces final $300 mn in automatic assistance for distressed farm loan borrowers
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Monday, 06 January, 2025, 15 : 00 PM [IST]
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Washington, USA
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The US Department of Agriculture (USDA), announced the final approximately $300 million in assistance to distressed direct and guaranteed farm loan borrowers under Section 22006 of the Inflation Reduction Act. Over the past two years, USDA acted swiftly to assist distressed borrowers in retaining their land and continuing their agricultural operations. Since President Biden signed the Inflation Reduction Act into law in August 2022, USDA has provided approximately $2.5 billion in assistance to more than 47,800 distressed borrowers.
The assistance announced is expected to provide $300 million in assistance to over 12,800 distressed direct and guaranteed Farm Loan Programs (FLP) borrowers.
Tom Vilsack, agriculture secretary, USDA, said, “USDA has always been committed to standing by our nation’s farmers and ranchers, especially in their most challenging times. The final round of payments announced under President Biden’s Inflation Reduction Act provides much-needed relief to more than 12,800 producers, helping them stay on their land and continue farming. At USDA, we are not only addressing immediate financial challenges but also working every day to build a stronger, more supportive loan system that ensures farmers have the tools they need to succeed now and into the future.”
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