Bipartisan Legislation Would Assist New Farmers and Ranchers

WASHINGTON, DC – Two members of Illinois’ Congressional delegation have introduced the Beginning Agriculturist Lifetime Employment Act or BALE. This bipartisan legislation will help ensure that agricultural producers, especially those just getting started, have access to credit to expand or diversify their operations. Sponsors of the bill are Rep. Mike Bost (R-IL) and Rep. Robin Kelly (D-IL) explain that the BALE Act will increase lending caps on conservation, ownership, and operator loans from $1.75 million (as authorized in the 2018 Farm Bill) to $3 million. It will also help qualified beginning farmers and ranchers see a 95 percent loan guarantee while all other guaranteed loans will have a 90 percent guarantee. Additionally, the maximum loan will be set at $4 million with an 85 percent guarantee for qualified beginning farmers and ranchers and an 80 percent guarantee for all other guaranteed loans.
(SOURCE: All Ag News)