Courtesy of NAA:
A new, simplified direct loan application is now available for all producers seeking a direct farm loan from the Farm Service Agency (FSA). The new application, reduced from 29 to 13 pages, provides improved customer experience for producers applying for loans and enables them to complete a more streamlined application.
Producers now also have the option to complete an electronic fillable form or prepare a traditional, paper application for submission to their local FSA farm loan office.
Coupled with the Loan Assistance Tool released in October 2022, the simplified application will provide all loan applicants access to information regarding the application process and assist them with gathering the correct documents before they begin the process. This will help farmers and ranchers submit complete applications and reduce the number of incomplete, rejected, or withdrawn applications.
The simplified direct loan application and Loan Assistance Tool are the first of multiple farm loan process improvements that will be available to USDA customers on farmers.gov in the future. Other improvements that are anticipated to launch in 2023 include:
- An interactive online direct loan application that gives customers a paperless and electronic signature option, along with the ability to attach supporting documents such as tax returns.
- An online direct loan repayment feature that relieves borrowers from the necessity of calling, mailing, or visiting a local Service Center to pay a loan installment.
Producers can explore all available options on all FSA loan options at fsa.usda.gov or by contacting their local USDA Service Center.
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