“To amend the Consolidated Farm and Rural Development Act to modify limitations on access to farm ownership loans for beginning farmers and ranchers.”
No CRS summary available for this bill.
This section revises experience requirements for direct farm ownership loans (FO) to beginning farmers and ranchers under the Consolidated Farm and Rural Development Act. (As background, these loans enable eligible applicants, including those with limited experience, to acquire farm land and related assets.) Specifically, it (1) reduces the required farm or ranch management experience to 1 year (from 3 years); and (2) authorizes the Secretary to waive the 1-year requirement for qualified beginning farmers or ranchers who have at least 1 year of experience as hired farm labor with substantial management responsibilities or an established relationship with a mentor such as a counselor in the Service Corps of Retired Executives (SCORE) program under the Small Business Act, a retired farmer or rancher, or an approved local farm or ranch operator or organization.