A large portion of traditional farm bill provisions were included in this summer’s tax bill. However, American Bankers Association Senior Vice President of Agricultural and Rural Banking Policy Ed Elfmann says it didn’t include the credit or rural development titles.”We’re personally pushing to get guaranteed loan limits,” Elfmann told RRFN. “The current guaranteed loan program is indexed to inflation at the Farm Service Agency at $2.2 million; we’d like to see those increased to $3.5 million on ownership, $3 million on operating and also increase the direct lending side.” Elfmann said the current loan guarantees don’t reflect the size and scope seen with today’s agriculture. Elfmann, who spoke at the Ag Credit Conference in Bismarck, said changes are also needed in the beginning farmer loan program. “For example, off-farm income makes you ineligible for some programs at USDA so we’re trying to get that set up so you can work a 9-to-5 job and start farming on the side. Another interesting quirk in the beginning farmer side of the world is that you need three years of experience to get a beginning farmer’s loan. It’s kind of hard to get a beginner farmer loan if you have to have that experience first.”
