Ag producers — if the federal farm loan process has you scratching your head, the US Department of Agriculture says it working to help you out.
Recently, the USDA launched a new online tool designed to help farmers and ranchers better navigate the application process. Among the goals is for all farm loan applicants to get the same support and have a relatively consistent customer experience with the USDA’s Farm Service Agency. USDA also says the new Loan Assistance Tool should cut down on the high rate of incomplete or withdrawn applications.
Once online at farmers.gov, producers can click on “Loans” and scroll down to the Farm Loan Assistance Tool. Producers will begin the process with a “start eligibility self-assessment” before continuing. The tool is built to run on several Internet browsers, including Google Chrome, Firefox, Edge and Safari — not Internet Explorer — and the USDA says the tool is fully functional on cell phones.
The USDA says other improvements are coming to the farm loan process next year:
*The direct loan application will be streamlined from 29 pages to 13
*There will be an interactive online application giving customers an electronic signature option as well as the ability to attach supporting documents
*There will also be an online direct loan repayment feature so borrowers won’t have to call, mail or visit an FSA service center to make payments
Click here for the link to the USDA’s Farm Loan Assistance Tool.
