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Agricultural Credit: Institutions and Issues (CRS Report for Congress)

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Release Date Revised March 26, 2018
Report Number RS21977
Report Type Report
Authors Jim Monke, Specialist in Agricultural Policy
Source Agency Congressional Research Service
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Summary:

The federal government provides credit assistance to farmers to help assure adequate and reliable lending in rural areas, particularly for farmers who cannot obtain loans elsewhere. Federal farm loan programs also target credit to beginning farmers and socially disadvantaged groups. The primary federal lender to farmers, though with a small share of the market, is the Farm Service Agency (FSA) in the U.S. Department of Agriculture (USDA). Congress funds FSA loans with annual discretionary appropriations—about $79 million of budget authority and $315 million for salaries—to support $6.4 billion of new direct loans and guarantees. FSA issues direct loans to farmers who cannot qualify for regular credit and guarantees the repayment of loans made by other lenders. FSA thus is called a lender of last resort. Of about $346 billion in total farm debt, FSA provides about 2.1% through direct loans and guarantees about another 4%-5% of loans. Another federally related lender is the Farm Credit System (FCS)—cooperatively owned and funded by the sale of bonds in the financial markets. Congress sets the statutes that govern the FCS banks and lending associations, mandating that they serve agriculture-related borrowers. FCS makes loans to creditworthy farmers and is not a lender of last resort. FCS accounts for 41% of farm debt and is the largest lender for farm real estate. Commercial banks are the other primary agricultural lender, holding slightly less than FCS with 42% of total farm debt. Commercial banks are the largest lender for farm production loans. Generally speaking, the farm sector’s balance sheet has remained strong in recent years. While delinquency rates on farm loans increased from 2008 into 2010 during the global financial crisis, farmers and agricultural lenders did not face credit problems as severe as those of other economic sectors. Since 2010, loan repayment rates have improved, but recent weakness in farm income has begun to put pressure on some farmers’ loan repayment capacity.
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