USDA Streamlines Loan Application Process, Citing Equity | 2022-10-26

The Department of Agriculture has launched an online tool that will streamline agricultural loan application to ensure fairer treatment of producers.

The online system will reduce the application for direct loans from 29 pages to 13 pages and provide applicants with an option for paperless and electronic signatures. They will also be able to attach tax returns and other supporting documents, and also make loan repayments online.

Clicking “Get Started” in the Loan Assistance Tool initiates a step-by-step self-assessment process to determine eligibility.

According to the USDA, the Farm Service Agency experiences a high rate of incomplete or withdrawn applications, in part due to a cumbersome application process.

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“The Loan Assistance Tool is another example of USDA taking responsibility and updating our existing systems, processes, and policies to make them fair for all customers,” the administrator said. the FSA, Zach Ducheneaux.

“The tool will help loan seekers better understand the application process and gather the necessary documents before the process even begins.”

Much of the criticism the department has received over the years for its treatment of minority farmers has centered on its loan programs.

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