The U.S. Department of Agriculture has announced financial assistance to help qualified farmers who are struggling to make payments on their USDA loans keep farming.
Ag Secretary Tom Vilsack says work has already started to bring relief to more than 13,000 farmers. “The first order of business was to bring those folks current,” he says. “To utilize roughly $600 million dollars of the $3.1 billion, to make payments in essence, how to bring those borrowers current, and to the extent that they have a direct loan with USDA to also provide them on additional annual payment.” In addition, debt has been resolved for more than 2,000 borrowers with foreclosed farms.
USDA provides relief for financially distressed farm loan borrowers