Sponsors (7)
The bill broadens Farm Credit lending to aquaculture service providers to boost local supply chains and rural/coastal economies, while increasing financial risk to the Farm Credit system (and potentially taxpayers) and possibly diverting credit from other agricultural borrowers.
Small businesses and service providers that support aquaculture gain access to Farm Credit Bank and PCA short- and intermediate-term loans, improving their ability to finance operations and grow.
Aquaculture producers and nearby rural/coastal communities may see stronger local supply chains and increased economic activity as service providers expand with improved credit access.
The Farm Credit system (and potentially taxpayers or cooperative owners) faces greater financial exposure if expanded lending leads to higher credit losses.
Expanding lending toward aquaculture-related service providers could divert Farm Credit resources away from other agricultural borrowers, reducing available credit for some farmers and small businesses.
Based on analysis of 2 sections of legislative text.
Expands Farm Credit System lending eligibility to include service providers serving the operating needs of aquatic product producers and harvesters.
Adds people who provide services tied to fishing and aquatic production to the list of entities that can borrow from Farm Credit Banks and get services from production credit associations. It lets production credit associations make, guarantee, or participate in short- and intermediate-term loans to those service providers, increasing access to Farm Credit System financing for businesses that support producers and harvesters of aquatic products.
Introduced March 31, 2025 by Chellie Pingree · Last progress March 31, 2025