New Producer Economic Security Act
Sponsored By: Senator Smith, Tina [D-MN]
Introduced
Summary
Expand land and capital access for new farmers and producers. This bill creates a competitive New Producer Economic Security Program inside the Farm Service Agency to fund community-led projects that improve access to land, capital, and markets and strengthen food system security.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
More land and startup help for farmers
If enacted, the bill would create a new FSA program to give grants, loans, and other capital help to new and small farmers. You would be able to get money for buying land, down payments, closing costs, interest subsidies, title work, soil cleanup, and basic farm infrastructure. The program would also pay for training, translation, legal and tax help, and business planning. It would allow revolving loan funds and capitalization loans so local groups can relend program money. You would be a "qualified beneficiary" only if you are a natural-person farmer who meets experience or income tests (examples: never farmed or farmed 10 years or less, farm only on rented land, or have income at or below 200% of poverty or half your county median). Eligible projects must generally obligate funds within 5 years unless the Secretary allows more time.
Who can apply and repayment rules
If enacted, the bill would list which organizations may get and pass through program money. States, tribes, CDFIs, certain nonprofits, cooperatives, colleges, and some Farm Credit institutions could apply. The bill would exclude foreign-based or foreign-owned corporations. It would limit "authorized legal entities" to small, locally owned firms with no more than 25 natural-person owners who actively manage or work on the farm. An eligible entity that breaks the program rules would have to pay back the assistance to the Secretary.
Sponsors & CoSponsors
Sponsor
Smith, Tina [D-MN]
MN • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov