The U.S. Department of Agriculture (USDA) has launched the Distressed Borrowers Assistance Network, a national initiative aimed at helping financially distressed farmers and ranchers regain stability …
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The U.S. Department of Agriculture (USDA) has launched the Distressed Borrowers Assistance Network, a national initiative aimed at helping financially distressed farmers and ranchers regain stability according to a news release.
The program, announced on Sept. 21 at the Farm Aid Festival in Saratoga Springs, New York, is designed to provide personalized support through a series of Cooperative Agreements with farm advocacy organizations, universities and community-based groups.
Led by the USDA's Farm Service Agency (FSA), the network will connect struggling farmers and ranchers with one-on-one assistance to help them address their financial challenges.
"I started my off-ranch career as a Farm Advocate, working hand-in-hand with other tireless farmer advocates. Having someone with experiences in ag finance help producers work through financial difficulties can be the difference between them losing the farm or prospering," said FSA Administrator Zach Ducheneaux in the release. "The Distressed Borrowers Assistance Network underscores our dedication to farmers and ranchers receiving the tailored support they need. These partnerships also illustrate that USDA acknowledges the importance of these advocates and sees them as part of the solution to ensure program access for all farmers, ranchers, and producers."
Among the network's partners are Farm Aid, the Rural Advancement Foundation International, the University of Arkansas, the Socially Disadvantaged Farmers and Ranchers Policy Center at Alcorn State University and the University of Minnesota. These groups will work alongside FSA, offering farm loan policy training and collaborating to better serve financially distressed producers.
The Distressed Borrowers Assistance Network aims to provide comprehensive, wraparound services to help borrowers stabilize financially. Once their financial footing is restored, these producers will be better equipped to pursue new opportunities and continue contributing to the agricultural economy. The network also seeks to establish a long-term support system for rural communities by building a network of service providers skilled in agricultural financing.
In addition to the new assistance network, the USDA is rolling out changes to its Farm Loan Programs through the Enhancing Program Access and Delivery for Farm Loans rule. The policy changes, which took effect on Sept. 25, will create more opportunities for farmers and ranchers to improve profitability and make strategic investments in their operations.
To streamline the process, FSA has also implemented several technological improvements. These include an interactive Loan Assistance Tool, an Online Loan Application with electronic signatures and an online loan repayment feature. Producers can also access a new educational hub featuring resources and videos about farm loans.
With these enhancements, the USDA aims to make its loan services more accessible and user-friendly for the more than 26,000 producers who apply for direct loans each year. Farmers and ranchers are encouraged to contact their local USDA Service Center to explore the full range of loan options available to support their operations.