April 22, 2024

Introducing the USDA Direct Loans

Introducing the USDA Direct Loans

Corryn La Rue

The USDA announced a new online application for Direct Loan customers. USDA Deputy Secretary Xochitl Torres Small says the agency is trying to make things more convenient for U.S. producers.

“America’s farmers are working incredibly hard to make sure that we have the food and the fiber and the fuel all across the country. As you may know, about 26,000 producers every year submit direct loan applications to USDA, but often farmers end up leaving incomplete applications on the table or withdrawing their direct loan applications. So, we’ve been digging into how to make those loans more accessible to hardworking farmers.”

“Folks have different ways they want to go about it. So, farmers can still go into an FSA office, talk with their loan officer, and get the assistance they need there. But if they have trouble finding time to do it during business hours or want to have more time to research on their own, now they have a way to apply for a loan online or through their cell phones. So, this is a tool that allows farmers to go to farmers.gov/loanassistancetool to apply online. It also allows farmers to then track the progress of their loans to see whether and how quickly it will be approved.”

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