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A service for agriculture industry professionals · Sunday, April 14, 2024 · 703,520,461 Articles · 3+ Million Readers

USDA Announces March 2024 Lending Rates for Agricultural Producers

Contact: FPAC.BC.Press@usda.gov

WASHINGTON, March 1, 2024 – The U.S. Department of Agriculture (USDA) announced loan interest rates for March 2024, which are effective March 1, 2024. USDA’s Farm Service Agency (FSA) loans provide important access to capital to help agricultural producers start or expand their farming operation, purchase equipment and storage structures or meet cash flow needs.    

“I encourage our lenders and borrowers alike to work with our local offices and our cooperators to capitalize fully on the existing flexibilities in these important programs,” said FSA Administrator Zach Ducheneaux.    

Operating, Ownership and Emergency Loans     
FSA offers farm ownership, operating and emergency loans with favorable interest rates and terms to help eligible agricultural producers, whether multi-generational, long-time, or new to the industry, obtain financing needed to start, expand or maintain a family agricultural operation. For many loan options, FSA sets aside funding for underserved producers, including, beginning, women, American Indian or Alaskan Native, Asian, Black or African American, Native Hawaiian or Pacific Islander, and Hispanic farmers and ranchers.   

Interest rates for Operating and Ownership loans for March 2024 are as follows:         

FSA also offers guaranteed loans through commercial lenders at rates set by those lenders.      

To access an interactive online, step-by-step guide through the farm loan process, visit the Loan Assistance Tool on farmers.gov.     

Commodity and Storage Facility Loans    
Additionally, FSA provides low-interest financing to producers to build or upgrade on-farm storage facilities and purchase handling equipment and loans that provide interim financing to help producers meet cash flow needs without having to sell their commodities when market prices are low.  Funds for these loans are provided through the Commodity Credit Corporation (CCC) and are administered by FSA.        

Farm Loan Program Process Improvement 
FSA has a significant initiative underway to streamline and automate the Farm Loan Program customer-facing business process. For the over 26,000 producers who submit a direct loan application annually, FSA has made various improvements, including:     

  • The Online Loan Application, an interactive, guided application that is paperless and provides helpful features, including an electronic signature option, the ability to attach supporting documents, such as tax returns, complete a balance sheet and build a farm operating plan.  
  • The Loan Assistance Tool that provides customers with an interactive online, step-by-step guide to identifying the direct loan products that may be a fit for their business needs and to understanding the application process.   
  • An online direct loan repayment feature that relieves borrowers from the necessity of calling, mailing, or visiting a local Service Center to pay a loan installment.
  • A simplified direct loan paper application, reduced from 29 pages to 13 pages.     

More Information 
Since the Inflation Reduction Act was signed by President Biden in August 2022, USDA’s Farm Service Agency has provided approximately $2.1 billion in immediate assistance to more than 39,000 distressed borrowers. The deadline to request assistance through the Inflation Reduction Act Assistance for Distressed Borrowers and Discrimination Financial Assistance Program has passed. Any applications submitted before the program deadlines are currently under review. Visit the related program webpages for more information. 

To learn more about FSA programs, producers can contact their local USDA Service Center. Producers can also prepare maps for acreage reporting as well as manage farm loans and view other farm records data and customer information by logging into their farmers.gov account. If you don’t have an account, sign up today.  

USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit usda.gov.  

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