- Details
- By Native News Online Staff
WASHINGTON — In addition to articles already covered by Native News Online, here is a roundup of other news released from Washington, D.C. that impacts Indian Country recently.
USDA for Farm Loan Updates
On August 7, 2024, the U.S. Department of Agriculture (USDA) announced critical updates to the Farm Service Agency’s (FSA) Farm Loan Programs, effective September 25, 2024.
Changes to FSA’s Farm Loan Programs specifically benefiting Tribal producers include, but are not limited to:
- Amending the definitions of:
- “Family farm” in 7 CFR 761.2 to include commercial foraging operations for the purposes of operating loan assistance where commodities are foraged on Indian land and adds definitions for “commercially foraged,” “Indian land,” and “Indian Tribe.”
- “Related by Blood or Marriage” and “Relative” in 7 CFR 761.2(b) to include additional familial relationships including: husband, wife, parent, child, brother, sister, uncle, aunt, grandparent, son, daughter, sibling, stepparent, stepson, stepdaughter, stepbrother, stepsister, half-brother, half-sister, son-in-law, daughter-in-law, father-in-law, mother-in-law, nephew, niece, cousin, grandson, granddaughter, or the spouses of any of those individuals. This will expand access to loan programs for operations owned by multiple individuals.
- “Participated in the Business Operations of Farm” to clarify that owning a farm does not necessarily mean an individual has participated in the business operations of a farm (e.g., an absentee landowner, lessor, etc.). This definition relates to direct loan eligibility which currently requires certain managerial experience.
- “Agricultural Commodity.”
- “Feasible Plan.”
- “Good Faith.”
- “Youth Loan.”
- Clarifying that the interest rate for the Microloan Program (ML), Operating Loan (OL) Program and Indian Tribal Land Acquisition Program (ITLAP) is equal to the existing OL rate and Farm Ownership Loan (FO) Program rate, but is not to exceed 5%.
- The Distressed Borrower Set-Aside (DBSA) Program will administer a new loan servicing program for financially distressed borrowers that will allow for the deferral of one annual loan installment at a reduced interest rate. Borrowers do not have to suffer a loss from a declared disaster to qualify for DBSA.
- Providing all eligible loan applicants access to flexible repayment terms which will support upfront positive cash flow that borrowers can use to increase working capital reserves and savings, including for retirement and education.
- Reducing additional loan security requirements to enable borrowers to leverage equity.
Comments on the rule must be received within 60 days of being published in the Federal Register. Comments can be submitted at www.regulations.gov under docket ID FSA-2023-0003.
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