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ICBA testified before Congress on its new proposal for a USDA program that would speed up loan approval times and thereby enhance access to credit in rural communities.
USDA Express: In testimony before the Senate Agriculture Committee’s subcommittee on commodities, Verlin “Gus” Barker of First Community Bank in Newell, Iowa, said the proposed USDA Express program would provide a guaranteed loan approval within 36 hours in exchange for a lower guarantee percentage of 50-75%. Modeled on the Small Business Administration’s Express program, the ICBA proposal would improve access to timely credit for family farmers and ranchers, he said.
More: At the hearing, Barker (pictured at right with Sens. Joni Ernst of Iowa and Tommy Tuberville of Alabama) also called on Congress to:
Raise loan limits for guaranteed farm ownership and operating loans.
Streamline USDA farm and rural development guaranteed loan applications.
Follow ICBA’s key principles for a new farm bill, which also include ensuring access to crop insurance and rejecting expanded Farm Credit System authorities.
Pass the Access to Credit for our Rural Economy (ACRE) Act, which would make interest income on farm real estate and rural mortgage loans.
Grassroots: Meanwhile, ICBA is calling on community bankers to urge their members of Congress to include its six key principles in this year’s farm bill.