The United States Department of Agriculture (USDA) has announced loan interest rates for February 2024, effective the beginning of the month. The Farm Service Agency (FSA) strives to help agricultural farmers improve their operations, purchase required equipment, and manage cash flow issues. The USDA’s loan programs are designed to suit the different requirements of farmers, including veterans and those just starting out. The rates for February 2024 include farm operating loans at 5.125%, farm ownership loans at 5.375%, special rates for joint financing at 3.375%, down payment loans at 1.500%, and emergency loans to offset real losses at 3.750%. The USDA also works with commercial lenders to provide guaranteed loans, giving farmers another option for securing financing at reasonable rates. The FSA’s endeavor to shorten the loan application process using online resources and a streamlined paper application is part of a larger push to improve customer service and operational efficiency.
