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Lenders, producers press Congress to raise FSA loan limits and speed guarantees
Summary
Lenders at the House Agriculture subcommittee urged higher Farm Service Agency loan limits, faster FSA guarantee timing and regulatory changes to allow bridge financing so beginning farmers can compete for land and expand operations.
Lenders and a producer told the House Agriculture subcommittee that Farm Service Agency (FSA) loan limits and processing times are constraining access to credit for beginning and expanding farmers.
Brian Gilbert, senior vice president and ag banking manager at First National Bank in Sioux Falls, told the panel that higher USDA guaranteed loan limits are needed to match current land values and production costs and described support for “$3,500,000 for ag real estate loans and $3,000,000 for guaranteed operating loans.” Gilbert said he uses FSA guaranteed loans and that joint financing—where FSA covers part of the…
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