USDA Announces Additional Assistance to Qualifying Guaranteed Farm Loan Borrowers
Eligible applicants: FLP guaranteed loan borrowers. Applications are due December 31, 2023.
Announcement Type: Additional Financial Assistance
Opportunity: financial assistance for qualifying guaranteed Farm Loan Programs (FLP) borrowers who are facing financial risk.
Overview and Eligible Uses: Since the Inflation Reduction Act was signed into law by President Biden in August 2022, USDA has provided approximately $1.15 billion in assistance to more than 20,000 distressed borrowers as a part of an ongoing effort to keep borrowers farming, remove obstacles that currently prevent many borrowers from returning to their land, and improve the way that USDA approaches borrowing and loan servicing in the long-term. The financial assistance announced today will provide qualifying distressed guaranteed loan borrowers with financial assistance similar to what was already provided to distressed direct loan borrowers.
Amount: The announcement is part of the $3.1 billion provided through Section 22006 of the Inflation Reduction Act. USDA will assist an estimated approximately 3,500 eligible borrowers.
Award Type: Financial Assistance
Eligible Applicants: FLP guaranteed loan borrowers in distress must meet the criteria below. Those eligible under multiple criteria will receive the highest payment amount:
Payment for clearing outstanding delinquency on qualifying FLP guaranteed loans by Oct. 18, 2022. This includes borrowers not paid in 2022 due to late delinquency, and those delinquent Sept. 30 - Oct. 18, 2022.
Payment for qualified FLP guaranteed loans with modified maturity dates between March 1, 2020, and Aug. 11, 2023. Payment equals post-restructure installment or required payoff, if not paid before Aug. 11, 2023.
Payments, max $100,000, for deferred amounts on qualifying FLP guaranteed loans. For borrowers with at least 45-day deferrals, Mar. 1, 2020 - Sept. 30, 2022, due to COVID-19, disasters, or revenue loss. Payment based on latest deferral or payoff amount before Aug. 11, 2023.
* This opportunity is available to FLP guaranteed loan borrowers not initially assisted in Oct. 2022.
Key Dates: All requests for assistance must be received by Dec. 31, 2023.
Key Links:
For a full list of currently available grant programs under the Infrastructure Law and other helpful tools, take a look at our Helpful Resources page.
This tracker will continue to send updates when new funding opportunities are announced.