S. 5231, also known as the “Farm Ownership Improvement Act,” mandates the Secretary of Agriculture to create a 5-year pilot program. This program aims to establish a pre-qualification or pre-approval process for farmers and ranchers seeking direct farm ownership loans under...
Simple Explanation
The Farm Ownership Improvement Act wants to help farmers and ranchers get loans to buy farms by testing a new way to see if they can pay back the loans, like checking their money skills before giving them money. If it works well, they might keep doing it for more than just the test time.