Senator David Perdue Works To Strengthen Farm Lending Program
“Agriculture is Georgia’s largest economic driver and our farmers are the backbone of the industry”
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) is taking action to preserve important loans used by farmers to start and grow their operations.
“Agriculture is Georgia’s largest economic driver and our farmers are the backbone of the industry,” said Senator Perdue. “Whether our farmers are just starting out or are looking to expand and improve, it’s critical they have the financial flexibility they need to get their farms up and running. I’m proud to work on strengthening this important loan program for our country’s farmers.”
The bipartisan Farm Service Agency Loan Flexibility Act, sponsored by Senator Perdue and Senator Gary Peters (D-MI), would provide the U.S. Department of Agriculture’s Farm Service Agency (FSA) with the authority it needs to issue approved loans during times of high demand and irregular funding from Congress. FSA’s operating loans are used by beginning farmers, women and minorities, and other disadvantaged borrowers for expenses such as livestock, equipment, and seed, while ownership loans help farmers develop land.
“For many farmers—and new farmers in particular—access to capital is a top issue, and in years past, the inability of FSA to lend to farmers in need because of loan program caps has been problematic for our industry,” said Gerald Long, President of Georgia Farm Bureau. “Georgia Farm Bureau is pleased that Senator Perdue (R-GA) has chosen to lead on this issue and many other agriculture issues in Congress.”
Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.
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