The bill would create a federal loan program for crop and livestock producers to buy precision agriculture equipment. Eligible producers must have a satisfactory credit history, use the loan to buy qualifying equipment, and show they can repay it. Loans could run for up to 12 years, with a maximum total loan amount of $500,000. Borrowers would need to provide security, such as a lien on the equipment. The Agriculture Secretary would report each year on loans, recipients, defaults, and estimated input reductions or environmental benefits, and make the reports public.
Crop and livestock producers who meet the eligibility requirements could apply for loans to buy qualifying equipment, such as sensors, mapping tools, software, or variable-rate systems. The bill does not specify application procedures or loan interest rates.
The bill authorizes Congress to provide whatever amounts are necessary to run the program, but does not set a specific appropriation. Borrowers would have to repay their loans.
No publicly available information.
No publicly available information.