Financial breath for 10% of USDA borrowers

Financial breath for 10% of USDA borrowers

the Biden administration announced a temporary suspension of bad debt collections and foreclosures from farmers who have borrowed money from the USDA and are in financial difficulty. More than 12,000 borrowers, or about 10% of all its agricultural borrowers, were eligible for relief, the USDA said on Wednesday.

“The temporary suspension is in place until further notice and is expected to continue as long as the national Covid-19 disaster declaration is in place,” the USDA said.

The National Farmers Union said the suspension would be particularly beneficial for beginning and socially disadvantaged farmers. “As a country, we really cannot afford to lose farmers,” said NFU president Rob larew. “By suspending debt collections and foreclosures, the agency will help struggling farmers stay on their land and continue to grow food for fellow Americans.”

The suspension covered loans made directly to producers by the USDA and loans to on-farm storage facilities. The USDA operates a variety of loan programs, including loan guarantees issued by commercial lenders, such as banks.


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