Sponsors (7)
The bill expands Farm Credit access to aquaculture service providers—boosting local economic activity and supply-chain resilience in rural/coastal areas—while increasing the risk of shifted resources and greater financial exposure for other agricultural borrowers and taxpayers.
Small businesses that provide services to aquaculture producers will gain access to Farm Credit Bank and PCA short- and intermediate-term loans, enabling expanded financing for operations and growth.
Rural and coastal communities will see increased lending activity tied to aquaculture services, supporting local economic activity, jobs, and broader community income.
Aquatic producers and their local supply chains may become more resilient because service providers' improved access to credit can strengthen supply-chain capacity and reliability.
Farmers and other agricultural borrowers could face reduced access to Farm Credit funds if system resources are shifted toward aquaculture-related service providers.
Taxpayers and cooperative owners could face higher financial exposure if expanded lending increases credit losses at Farm Credit institutions.
Based on analysis of 2 sections of legislative text.
Expands Farm Credit Act borrower eligibility to include service providers supporting aquatic product producers and harvesters.
Amends the Farm Credit Act to let Farm Credit Banks and production credit associations (PCAs) lend to and serve persons who provide services directly tied to the operating needs of aquatic-product producers and harvesters. In short, service providers that support fishing and aquaculture operations are explicitly added to the list of eligible borrowers and recipients of Farm Credit services. The bill updates statutory eligibility across relevant Farm Credit provisions so PCAs can make, guarantee, or participate in short- and intermediate-term loans to these service providers, expanding access to Farm Credit lending for businesses that supply or support the fishing/aquaculture sector.
Official title: To amend the Farm Credit Act of 1971 to support the commercial fishing industry.
Introduced March 31, 2025 by Chellie Pingree · Last progress March 31, 2025