- Industry: Government
- Number of terms: 41534
- Number of blossaries: 0
- Company Profile:
Loan programs, administered by the Farm Service Agency (replacing FmHA), providing both direct and guaranteed real estate, operating loans, and direct emergency disaster loans to individuals whose primary business is farming and ranching. Loans are targeted to family farms whose operators are unable to obtain sufficient credit from private commercial lenders on reasonable terms. Under the FAIR Act of 1996, farm lending programs are permanently reauthorized, with new restrictions on the purposes for which loans can be used and on the length of time borrowers are eligible for new credit assistance. Provisions are extended that reserve a portion of loan funds for new and beginning farmers.
Industry:Agriculture
Subtitle B of the Consolidated Farm and Rural Development Act, as amended, authorizes the Farm Service Agency (formerly FmHA) to make direct and guaranteed farm operating loans. Applicants must be family-sized farmers, who are denied credit by private and cooperative sources, and have reasonable prospects for success in the farm operation. Operating loans are made to farmers to help them pay their operating expenses for such productions costs as feed, seed, fertilizer, and pesticides, and to meet other essential operating expenses. The loan limit is $200,000 for a direct loan and $400,000 for a guaranteed loan, and the scheduled repayment is usually over 1 to 7 years depending on loan purposes. The interest rate on direct loans is determined by the Farm Service Agency and does not exceed the federal cost of borrowing plus 1 percentage point. However, loans to "limited resource" borrowers can be made at significantly below market rates. The interest rate on guaranteed loans is negotiated between the borrower and the lender. USDA guarantees the timely repayment of 90% of principal and interest on guaranteed loans, and in some cases can subsidize the interest rate on these loans. The amount USDA can directly lend or guarantee each year is determined in the annual congressional appropriations process.
Industry:Agriculture
A person who operates a farm, either by doing or supervising the work or by making the day-to-day management decisions. Nationally, farm operators own about 57% of their land and lease or rent the remainder.
Industry:Agriculture
Subtitle A of the Consolidated Farm and Rural Development Act, as amended, authorizes the Farm Service Agency (formerly FmHA) to make direct and guaranteed farm ownership loans to eligible family farmers. One of the functions of the FO loan program is to assist farmers, especially beginning farmers, in the purchase and enlargement of farms. An eligible borrower must be unable to obtain sufficient credit from a commercial lender, but must assure reasonable prospects of success in the farm operation. Loans are made for up to 40 years and cannot exceed $200,000 for a direct loan, or $300,000 for a guaranteed loan. The interest rate for a direct loan is determined by USDA, and cannot exceed the cost of funds to the Government plus 1 percentage point. However, direct loans to "limited resource" borrowers can be made at significantly below the federal cost of funds. The interest rate on guaranteed loans is negotiated between the borrower and the lender. USDA guarantees the timely repayment of 90% of principal and interest on guaranteed loans, and in some cases can subsidize the interest rate on these loans. The amount USDA can directly lend or guarantee each year is determined in the annual congressional appropriations process.
Industry:Agriculture
The price that farmers receive for the commodities they market. Sometimes the term farm-gate price is used to emphasize that the price does not include transportation or processing costs.
Industry:Agriculture
This term is generally meant to include the commodity programs administered by the Farm Service Agency, as well as the other USDA programs that directly benefit farmers. Some examples of the other programs include farm loans, federal crop insurance, the noninsured assistance program (NAP), the Conservation Reserve Program (CRP), and conservation cost sharing.
Industry:Agriculture
One result of the 1994 legislative reorganization of USDA was the consolidation of the ASCS, FCIC and FmHA into a single agency, the FSA. This agency is responsible for administering farm income-support programs, conservation cost-sharing programs, noninsured crop assistance (NAP), and the former FmHA farm loan programs. FSA services are provided through field service centers located throughout the agricultural areas of the nation.
Industry:Agriculture
Although a standard definition is not available, the most common way to measure farm size is by the value of gross farm sales. USDA defines small farms as those having less than $50,000 in sales annually, representing 73% of the 2.1 million farms counted in 1992. It considers the remaining 27% of all farms (with sales of $50,000 or more) to be commercial farms. Although the 558,000 commercial farms counted in 1992 were a relatively small portion of all farms, they accounted for 88% of gross farm sales.
Industry:Agriculture
The difference between the farm price and the retail price of food, reflecting charges for processing, shipping, and retailing farm goods. The current spread accounts for about three-fourths of the retail price for a market basket of foods, according to USDA. The farm value accounts for about 51% of the retail cost of eggs, compared to 19% for processed fruits and vegetables.
Industry:Agriculture
Under the swampbuster program, these are wetlands that were partially drained or altered to improve crop production before swampbuster was enacted as part of the December 23, 1985, farm law. Farmed wetlands may be farmed as they were before the 1985 date, and the drainage that was in place before that date can be maintained, but no additional drainage is allowed.
Industry:Agriculture
