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Finstad, Craig bring forward USDA Express Loan Act

Minnesota 1st District Rep. Brad Finstad and Minnesota 2nd District Rep. Angie Craig have introduced the USDA Express Loan Act, legislation which would establish a new Express Loan Program through the U.S. Department of Agriculture (USDA), allowing lenders to receive expedited approval for Farm Service Agency (FSA) guaranteed loans.

Specifically, the USDA Express Loan Act would enable the FSA to issue ownership and operating loan guarantees up to $1 million within 36 hours of the lender signing off on the loan, eliminating lengthy wait times for their farmer and rancher customers. In exchange for the expedited approval, lenders would receive a reduced guarantee on these loans of 50 to 75 percent once they make a credit determination.

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