US Farmers Leaning More Heavily on Government Loan Programs
BELLE PLAINE, Kan. (AP) — U.S. farmers leaned more heavily upon the federal government last year to finance their agricultural operations amid low commodity prices and trade disputes. And more of the money they borrowed is now delinquent.
The Agriculture Department said it has not seen significant change in loan delinquency rates because of the coronavirus pandemic.
But it does expect an impact if the the economic fallout continues. Farm foreclosures have not increased.
The department is taking a number of measures to help borrowers, including extending repayments for operating loans.
The department says it also temporarily suspended loan accelerations and non-judicial foreclosures.