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Lenders urge higher FSA loan limits and prequalification to get young farmers into land
Summary
Bankers and Farm Credit witnesses told senators that raising FSA loan limits, modernizing lending authority and allowing prequalification would help beginning and small farmers gain access to land and equipment when auction and sale windows are short.
Bankers and Farm Credit witnesses urged the Senate Agriculture Committee to modernize USDA lending authorities and raise guaranteed and direct loan limits so lenders can better serve beginning and small farmers.
Tara Durbin of Farm Credit Mid America said increasing guaranteed ownership limits would allow associations to make more loans to customers who otherwise would not qualify for traditional credit. In response to questions about raising guaranteed ownership loan limits, Durbin said the…
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