North Dakota Senator John Hoeven and Minnesota Senator Amy Klobuchar have introduced the Producer and Agricultural Credit Enhancement Act. The PACE Act would update loan limitations for USDA loan programs to better reflect current conditions. Limits would increase for direct operating loans from $400,000 to $750,000. Guaranteed operating loans are proposed to increase from $2.04 million to $2.06 million. For direct ownership loans, limits move from $600,000 to $850,000 and guaranteed ownership loan limits increase from just over $2 million to $3 million. Numerous farm groups have endorsed this proposal.
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