Ag News: Past-Due Farm Loan Collection and Empty Cargo Containers
Getty Images Thanks to COVID-19, the USDA has temporarily suspended past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency.
According to www.agrimarketing.com, the announcement expands previous actions undertaken by the USDA to lessen financial hardship.
According to USDA data, more than 12,000 borrowers, approximately 10% of all borrowers, are eligible for the relief. While U.S. ag exports rose in the second half of the year, there’s mounting evidence shipping companies are leaving U.S. ports and returning to Asia with empty cargo containers rather than filling them with American ag products.