WASHINGTON, D.C. – Today, Congressman Brad Finstad (MN-01), fourth-generation farmer and member of the House Agriculture Committee, announced his introduction of H.R. 4657, the Next Generation Farmer Act alongside Congressman Josh Riley (NY-19). This bipartisan legislation expands eligibility for beginning farmers to obtain U.S. Department of Agriculture (USDA) Farm Ownership Loans, which provide the capital necessary to purchase, expand, and improve family farms.

Currently, USDA requires beginning farmers to have three years of farming experience before they are eligible to apply for and receive a Farm Ownership Loan. The Next Generation Farmer Act would reduce the beginning farmer experience requirement from three years to one year, as well as clarify eligibility for waivers.

“New and beginning farmers face unique financial challenges that require access to capital for starting up their operations, but current USDA requirements prevent new farmers from accessing important financing options meant to help farmers who are just starting out. I’m introducing the Next Generation Farmer Act to help bridge the gap and give new farmers more immediate access to the financial tools intended to help their operations succeed,” said Rep. Finstad.

The Next Generation Farmer Act is supported by the Independent Community Bankers Association and Farm Credit Council.