USDA is rolling out a major upgrade to its export financing tools as part of a broader push to boost U.S. agricultural trade. Under Secretary for Trade and Foreign Agricultural Affairs Luke Lindberg announced the new Financial Assurance to Revitalize Markets, or FARM Initiative, alongside a renewed partnership with the Export-Import Bank of the United States. The effort centers on modernizing the long-standing GSM-102 export credit program. Lindberg says the goal is to make sure global buyers have the financial ability to purchase U.S. products. The initiative includes expanded banking participation, new payment flexibility, and increased coverage levels in higher-risk markets. Lindberg says the program is being updated to better reflect today’s trade environment. “We’re taking programs like the GSM 102 that have really been around for a long time, and we’re breathing new life into them… we’re even increasing our coverage amounts in certain higher risk markets,” he said. Lindberg says the updated tools, combined with the USDA-EXIM partnership, will give exporters more options and help convert market access into actual sales.
