RFA Bill Passes House
On Thursday, the House approved $50 million to replenish the depleted Rural Finance Authority loan funding to help farmers. House Republicans proposed bringing urgency to this issue in mid-February – before the RFA funding ran dry – to help farmers as they prepare for the new growing season. House Democrats blocked that effort and caused further uncertainty for farmers until bringing the bill to the floor this week.
RFA partners with agricultural lenders to provide low-cost financing to farmers on terms and conditions not otherwise available from other credit sources. The RFA portion of the loan is carried at a reduced interest rate to improve the cash flow of eligible farmers. RFA offer loans within the beginning farmer loan and seller assisted program, agricultural improvement program, debt restructuring program, and livestock expansion programs.
Our farmers rely on these operating loans and they are paid back at nearly 100% rate.
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