A Summary of the Report on the Relative Cost Effectiveness of the Farm Service Agency’s Farm Loan Programs
2017
Dodson, Charles B. | Koenig, Steven R.
Results of a study completed for Congress indicate direct program borrowers are morefinancially stressed than guaranteed borrowers and that many current farm loan programborrowers may not be able to continue farming, at least in the short-term, without access togovernment subsidized credit. The study findings are generally consistent with the missions ofthe direct and guaranteed farm loan programs, yet the combination of higher delivery costs andloan subsidy costs means direct lending programs require larger amounts of federal resources tomeet their objectives than do similar guaranteed farm loan programs. However, serving manylimited resource or otherwise economically disadvantaged farmers through guaranteed loanprograms may be difficult without significant program adjustments or additional financialsubsidies.
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