Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   

Agricultural News


Agriculture Secretary Announces Increased Opportunities as part of New Farm Bill

Mon, 24 Mar 2014 14:54:40 CDT

Agriculture Secretary Announces Increased Opportunities as part of New Farm Bill
Agriculture Secretary Tom Vilsack today announced increased opportunity for producers as a result of the 2014 Farm Bill. A fact sheet outlining modifications to the U.S. Department of Agriculture's (USDA) Farm Service Agency (FSA) Farm Loan Programs is available here.


"Our nation's farmers and ranchers are the engine of the rural economy. These improvements to our Farm Loan Programs will help a new generation begin farming and grow existing farm operations," said Secretary Vilsack. "Today's announcement represents just one part of a series of investments the new Farm Bill makes in the next generation of agriculture, which is critical to economic growth in communities across the country."


The Farm Bill expands lending opportunities for thousands of farmers and ranchers to begin and continue operations, including greater flexibility in determining eligibility, raising loan limits, and emphasizing beginning and socially disadvantaged producers.


Changes that will take effect immediately include:

--Elimination of loan term limits for guaranteed operating loans.

--Modification of the definition of beginning farmer, using the average farm size for the county as a qualifier instead of the median farm size.

--Modification of the Joint Financing Direct Farm Ownership Interest Rate to 2 percent less than regular Direct Farm Ownership rate, with a floor of 2.5 percent. Previously, the rate was established at 5 percent.

--Increase of the maximum loan amount for Direct Farm Ownership down payments from $225,000 to $300,000.

--Elimination of rural residency requirement for Youth Loans, allowing urban youth to benefit.

--Debt forgiveness on Youth Loans, which will not prevent borrowers from obtaining additional loans from the federal government.

--Increase of the guarantee amount on Conservation Loans from 75 to 80 percent and 90 percent for socially disadvantaged borrowers and beginning farmers.

--Microloans will not count toward loan term limits for veterans and beginning farmers.


Additional modifications must be implemented through the rulemaking processes. Visit the FSA Farm Bill website for detailed information and updates to farm loan programs.



   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Dr. Kim Anderson Talks Factors Impacting Commodity Markets This Week  Thu, 29 Sep 2022 16:20:03 CDT
  • Lawmakers Approve Drought Relief for Farmers, Ranchers  Thu, 29 Sep 2022 15:51:06 CDT
  • September 29, 2022, Market Wrap-Up with Justin Lewis  Thu, 29 Sep 2022 15:20:31 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2 p.m. September 29, 2022  Thu, 29 Sep 2022 15:20:00 CDT
  • ARA Commends FMCSA Seasonal Ag CDL Reforms  Thu, 29 Sep 2022 14:50:35 CDT
  • Secretary Ryan Walters Discusses Critical Topics Related to Oklahoma Education  Thu, 29 Sep 2022 14:48:36 CDT
  • Congressman Frank Lucas Works to Exclude Farmers and Ranchers from SEC Climate Disclosure Rulemaking  Thu, 29 Sep 2022 13:17:33 CDT
  • Register for Free Virtual Stockmanship & Stewardship Event   Thu, 29 Sep 2022 10:20:27 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       

       

    Search OklahomaFarmReport.com

    © 2008-2022 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.