WASHINGTON, DC – The U.S. House of Representatives today passed the 1998 Emergency Supplemental Appropriations Conference Report, which according to Congressman Collin C. Peterson (DFL-7th District) includes good loan assistance news for farmers.
"I am pleased that Congress has recognized that our farmers are dealing with some tough problems," Peterson said. "The appropriations in this bill will help provide our farmers with some much needed relief."
The Supplemental Appropriations bill that passed the House contains $105 million for non-emergency funds for Farm Operating Loans – $70 million of which is to be used for Direct Farm Operating Loans and $35 million is for Guaranteed Subsidized Loans. It also has $43.3 million in non-emergency funds for Farm Ownership Loans. Of that amount, $18.3 million is for Direct loans and $25 million is for Guaranteed loans.
The bill also contains $87.4 million for Emergency Insured Loans. With these funds, the Farm Service Agency could provide low-interest loans to farmers unable to get credit elsewhere for repair of farm structures damaged by natural disasters and for farm operating expenses. The conference report also appropriates $4 million for the livestock disaster assistance fund and $6.8 million for the dairy production disaster assistance program.