FSA releases simplified application for direct loans
|The Farm Service Agency announced Tuesday a new, simplified direct loan application is now available for all producers seeking a direct farm loan from the Farm Service Agency (FSA).|
FSA Administrator Zach Ducheneaux has said that simplifying loan application procedures is one of his top priorities.
“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,” FSA said in a news release.
“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.”
FSA said the simplified direct loan application and Loan Assistance Tool launched in October are the first of multiple farm loan process improvements that will be available to USDA customers on farmers.gov in the future.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.
–The Hagstrom Report