Reps. Brad Finstad (R-Minn.) and Adam Gray (D-Calif.) introduced ICBA-advocated legislation to speed up approval times for USDA loans.
Details: The USDA Express Loan Act (H.R. 7426) would expedite approval times for guaranteed farm loans under $1 million and expand USDA’s EZGuarantee Loan Program.
How It Would Work: The legislation would advance an ICBA proposal to establish an express loan program that requires the USDA to approve guaranteed loans within five business days when submitted by preferred and certified lenders, mimicking the Small Business Administration’s express loan program.