Fair Credit for Farmers Act

What Would Change

Today, farmers facing financial difficulties might struggle to make loan payments or find it hard to understand why a loan or benefit application was denied. The appeals process can be challenging, with the farmer often bearing the burden of proof. After this bill, eligible farmers would get a two-year payment deferral and a lower interest rate on direct government loans, and certain farmers would have guaranteed loan fees waived. It would also be easier for farmers to refinance certain debts. The government would also have to provide clearer explanations for denials and, for lower-income farmers, would need to prove its decisions were not erroneous during an appeal. Agencies would also have to implement National Appeals Division decisions directly. Additionally, it would be easier for farmers to qualify for certain loans, and past debt write-downs would not prevent them from getting new loans.