USDA Assistance for Distressed Loans Borrowers

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(NAFB.com) – The USDA announced the final $300 million in assistance to distressed direct and guaranteed farm loan borrowers under 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. The assistance will provide $300 million in help to more than 12,800 distressed direct and guaranteed Farm Loan Program borrowers. “USDA has always been committed to standing by our nation’s farmers and ranchers, especially during their most challenging times,” says Ag Secretary Tom Vilsack. “This final round of payments will help almost 13,000 producers stay on their land and continue farming.” The assistance includes $168.5 million for payments of any outstanding delinquencies on qualifying direct loans as of November 30, 2024, for direct borrowers one or more days delinquent as of that date. Distressed borrowers may get assistance in multiple categories if they have multiple qualifying loans.