USDA has announced an interim rule that sets thresholds on the interest rates charged by lenders on guaranteed farm ownership and operating loans.
The changes will amend guidelines for interest rates and establish new policies that clearly set the maximum interest rate lenders may charge to borrowers. By providing clear thresholds on interest rates for federally-guaranteed farm loans - U.S. Ag Secretary Tom Vilsack says the department is ensuring greater certainty to producers, making compliance easier for lenders and ensuring greater benefits for all farmers and ranchers. Vilsack says it’s important that American agriculture continue to play a key role in driving economic growth and creating good-paying jobs across the American middle class. He says USDA will strengthen access to farm credit by setting these thresholds on interest rates.
The changes will amend guidelines for interest rates and establish new policies that clearly set the maximum interest rate lenders may charge to borrowers. By providing clear thresholds on interest rates for federally-guaranteed farm loans - U.S. Ag Secretary Tom Vilsack says the department is ensuring greater certainty to producers, making compliance easier for lenders and ensuring greater benefits for all farmers and ranchers. Vilsack says it’s important that American agriculture continue to play a key role in driving economic growth and creating good-paying jobs across the American middle class. He says USDA will strengthen access to farm credit by setting these thresholds on interest rates.
USDA’s Farm Service Agency is requesting additional comments on the interim policies in the rule. USDA is seeking comments through June 3rd.
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