Feenstra, Panetta Introduce Laws to Assist Farmers Buy Slicing-Edge Precision Agriculture Applied sciences – Combine 107.3 KIOW
Today, U.S. Reps. Randy Feenstra (R-IA) and Jimmy Panetta (D-CA) introduced the Precision Agriculture Loan Program Act (PAL) of 2023, which is bipartisan legislation that would establish the first-ever federal precision agriculture loan program in the U.S. Department of Agriculture’s Farm Service Agency.
Senators Deb Fischer (R-NE) and Amy Klobuchar (D-MN) have introduced companion legislation in the U.S. Senate.
“Thanks to cutting-edge research at our nation’s top universities like Iowa State and other scientific advancements, precision agriculture technology has become an important component of modern farming,” said Rep. Feenstra. “From sustainability efforts to improved yields, precision agriculture simultaneously helps Iowa farmers be profitable and successful, protects our environment, and powers our rural economy. I am proud to help introduce the Precision Agriculture Loan Program Act with my colleague Congressman Jimmy Panetta to ensure our agricultural community can access low-interest loans to expand their precision agriculture operations.”
“Although precision agriculture equipment is becoming essential to the future of our agriculture, it is evolving and can still be expensive for many of our farmers,” said Rep. Panetta. “Our bipartisan Precision Loan Act would provide dedicated financing so that more in agriculture can purchase and adopt precision agriculture technology. By making those types of tools easier to access, we can ensure that our farmers contribute to our climate resiliency as they continue to provide the world with food security.”
“America’s farmers must have access to cutting-edge technology and equipment to remain competitive in global markets. The PAL Act offers a comprehensive solution for America’s farmers to access the tools they need to monitor, manage, and maximize their operations and help advance climate-smart agriculture practices. We thank U.S. Representatives Jimmy Panetta and Randy Feenstra for their leadership and commitment to America’s farmers, ranchers, and foresters,” said Kip Eideberg, AEM Senior Vice President, Government and Industry Relations.
More specifically, this legislation would offer loans up to $500,000 between 3 and 12 years in length at interest rates of less than 2% and create a list of acceptable precision agriculture technologies approved by the Farm Service Agency and covered by the USDA. This funding would also allow farmers to retrofit existing equipment with new technologies.
You can find the legislative text HERE.