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Federal Farm Loan Act; Other short titles: Federal Farm Loan Act of 1916: Long title: An Act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States.
The Farm Credit System (FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations. The Farm Credit System provides more than $373 billion (as of 2022) [1] in loans, leases, and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility ...
The interest rate is determined by USDA, and cannot exceed the cost of funds to the Government plus 1 percentage point. However, direct loans to limited resource borrowers can be made at significantly below the federal cost of funds. The interest rate on guaranteed loans is negotiated between the borrower and the lender.
Loans may also be used to repair existing housing for farm labor use. The loans are repayable in 33 years and bear an interest rate of 1%. Applicants, who own farms or who represent farm owners, must demonstrate that the farming operations have a need for farm labor housing and must agree to own and operate the property on a nonprofit basis.
The U.S. Department of Agriculture has distributed over $2.1 billion to more than 39,000 farmers in economic distress through a loan relief program funded by the Inflation Reduction Act, the ...
The interest rate on direct loans is determined by the Farm Service Agency and does not exceed the federal cost of borrowing plus 1 percentage point. However, loans to limited resource borrowers can be made at significantly below market rates. The interest rate on guaranteed loans is negotiated between the borrower and the lender. [2]
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