USDA Now Accepting Applications for Farm Loans Online
Sourse: The DairyNews
The U.S. Department of Agriculture (USDA) has introduced a user-friendly online application for Direct Loan customers, marking a significant step in streamlining processes, improving customer service, and expanding credit access. With this online, interactive, and guided application, more than 26,000 customers annually can now complete the Direct Loan application digitally.
The paperless platform features an electronic signature option, the ability to attach supporting documents such as tax returns, and tools for creating a balance sheet and a farm operating plan.
Deputy Secretary Xochitl Torres Small emphasized the Biden-Harris Administration's commitment to facilitating farmers' access to loans for sustainable agriculture. The online application replicates the support provided by an in-person application with an FSA Farm Loan Officer while offering additional features such as an electronic signature and the attachment of supporting documents.
The personalized dashboard allows borrowers to track the progress of their loan application, enhancing transparency and ease of use. The online application tool is part of a broader initiative by USDA's Farm Service Agency (FSA) to modernize and enhance the Farm Loan Program's customer-facing business processes.
To use the online application tool, producers need to establish a USDA customer account and a USDA Level 2 eAuthentication ("eAuth") account or a Login.gov account. Initially available for individual farm operators, the tool will be expanded to married couples applying jointly and other legal entities in 2024.
As part of ongoing improvements, FSA has simplified the direct loan paper application, reducing it from 29 pages to 13 pages. Additionally, the Loan Assistance Tool on farmers.gov provides an interactive online guide to help customers understand and navigate the Direct Loan products and application process.
The USDA continues to accept and review requests for assistance from distressed borrowers who took extraordinary measures to avoid delinquency on their direct FSA loans. Producers can contact their local USDA Service Center or visit farmers.gov for more information.
The introduction of the online application tool aligns with USDA's broader efforts to transform America's food system, ensuring fair markets, access to nutritious food, and sustainable practices. The USDA's commitment to equity includes removing systemic barriers and building a workforce more representative of America.
Deputy Secretary Xochitl Torres Small emphasized the Biden-Harris Administration's commitment to facilitating farmers' access to loans for sustainable agriculture. The online application replicates the support provided by an in-person application with an FSA Farm Loan Officer while offering additional features such as an electronic signature and the attachment of supporting documents.
The personalized dashboard allows borrowers to track the progress of their loan application, enhancing transparency and ease of use. The online application tool is part of a broader initiative by USDA's Farm Service Agency (FSA) to modernize and enhance the Farm Loan Program's customer-facing business processes.
To use the online application tool, producers need to establish a USDA customer account and a USDA Level 2 eAuthentication ("eAuth") account or a Login.gov account. Initially available for individual farm operators, the tool will be expanded to married couples applying jointly and other legal entities in 2024.
As part of ongoing improvements, FSA has simplified the direct loan paper application, reducing it from 29 pages to 13 pages. Additionally, the Loan Assistance Tool on farmers.gov provides an interactive online guide to help customers understand and navigate the Direct Loan products and application process.
The USDA continues to accept and review requests for assistance from distressed borrowers who took extraordinary measures to avoid delinquency on their direct FSA loans. Producers can contact their local USDA Service Center or visit farmers.gov for more information.
The introduction of the online application tool aligns with USDA's broader efforts to transform America's food system, ensuring fair markets, access to nutritious food, and sustainable practices. The USDA's commitment to equity includes removing systemic barriers and building a workforce more representative of America.
