SE Minnesota News

Today, Congressman Brad Finstad (MN-01), a fourth-generation farmer and member of the House Agriculture Committee, introduced H.R. 4657, known as the Next Generation Farmer Act. This legislation was presented alongside Congressman Josh Riley (NY-19). The bipartisan bill aims to expand eligibility for beginning farmers to obtain U.S. Department of Agriculture (USDA) Farm Ownership Loans. These loans provide necessary capital for purchasing, expanding, and improving family farms.

Under current regulations, USDA requires beginning farmers to have three years of farming experience before they can apply for and receive a Farm Ownership Loan. The Next Generation Farmer Act proposes reducing this requirement from three years to one year and clarifying eligibility for waivers.

“New and beginning farmers face unique financial challenges that require access to capital for starting up their operations, but current USDA requirements prevent new farmers from accessing important financing options meant to help farmers who are just starting out. I’m introducing the Next Generation Farmer Act to help bridge the gap and give new farmers more immediate access to the financial tools intended to help their operations succeed,” said Rep. Finstad.

The Independent Community Bankers Association and Farm Credit Council support the Next Generation Farmer Act.