U.S. Reps. Brad Finstad and Angie Craig of Minnesota have introduced the Producer and Agricultural Credit Enhancement (PACE) Act. This legislation would modernize current limits on the Farm Service Agency’s (FSA) Ownership and Operating loans, enacted through the 2018 Farm Bill.
The Producer and Agricultural Credit Enhancement Act would increase FSA Guaranteed Operating Loans from $2.04 million to $3 million, increase Guaranteed Ownership Loans from $2.04 million to $3.5 million, increase Direct Operating Loans from $400,000 to $750,000, and increase Direct Ownership Loans from $600,000 to $850,000. FSA’s Operating and Ownership Loans are critical tools to ensure farmers have access to the financing needed to get started, expand their family’s operation, or restructure with certainty.
