BANGOR — The U.S. Department of Agriculture has launched an online application for Direct Loan customers.
More than 26,000 customers who submit a Direct Loan application each year can now use an online, interactive, guided application that is paperless and provides helpful features including an electronic signature option, the ability to attach supporting documents such as tax returns, complete a balance sheet and build a farm operating plan. This tool is part of a broader effort by USDA’s Farm Service Agency to streamline its processes, improve customer service, and expand credit access.
“The Biden-Harris Administration is working hard to make it easier for farmers and ranchers to get the loans they need to keep growing food, fiber, and fuel for our country,” said Deputy Secretary Xochitl Torres Small, according to a news release from the Maine State FSA Office. “Online services are commonplace in commercial lending, and with USDA Farm Service Agency’s new online loan application feature, it is now easier for producers to get the financing they need to start, expand, or maintain their farming and ranching operations.”
The online application replicates the support an applicant would receive when completing a loan application in person with an FSA Farm Loan Officer, while continuing to provide customers with one-on-one assistance as needed. This tool and other process improvements allow farmers and ranchers to submit complete loan applications and reduce the number of incomplete and withdrawn applications.
Through a personalized dashboard, borrowers can track the progress of their loan application. It can be accessed on farmers.gov or by completing FSA’s Loan Assistance Tool at farmers.gov/loan-assistance-tool. To use the application tool, producers must establish a USDA customer account and a USDA Level 2 eAuthentication account or a login.gov account. For the initial stage, the online application tool is only available for producers who are or will be operating their farm as an individual. FSA is expanding the tools availability to married couples applying jointly and other legal entities in 2024.
FSA continues to accept and review individual requests for assistance from qualifying borrowers who took certain extraordinary measures to avoid delinquency on their direct FSA loans or those who were unable to make a recent installment or are unable to make their next scheduled installment for installments through Monday, Jan. 15. All requests for assistance must be received by Sunday, Dec. 31. For more information, or to submit a request for assistance, producers can contact their local USDA Service Center or visit farmers.gov.
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