U.S. Sen. Deb Fischer (R-NE) on Wednesday sponsored a bipartisan bill that would provide loan financing to farmers and ranchers who wanted to purchase smart farming technology, such as mobile devices, robotics, GPS, and sensors, among others.
“Farmers and ranchers take care of our land and resources, and precision agriculture equipment can help them expand on this good work,” Sen. Fischer said. “High upfront costs, however, mean many operations struggle to access these cutting-edge and climate-friendly technologies.”
Sen. Fischer introduced the Precision Agriculture Loan (PAL) Act, S. 2750, with original cosponsor U.S. Sen. Amy Klobuchar (D-MN) to create a loan program at the U.S. Department of Agriculture (USDA) for precision agriculture that would allow more producers to invest in these technologies and help them adopt more climate-friendly practices, according to a fact sheet provided by Sen. Fischer’s office.
“Our bipartisan legislation will allow more producers to invest in the equipment they need to make their operations more efficient, environmentally friendly and productive,” said Sen. Fischer.
If enacted, S. 2750 would establish the Precision Agriculture Loan program within USDA’s Farm Service Agency to offer low-cost, long-term loans to agriculture producers who want to adopt precision agriculture technologies. Producers would be eligible for interest rates lower than 2 percent through the new program with loan terms from three to 12 years.
The Association of Equipment Manufacturers, Citizens for Responsible Energy Solutions, the American Conservation Coalition, and the Nebraska Farm Bureau Federation endorsed the measure, which has been referred for consideration to the U.S. Senate Agriculture, Nutrition, and Forestry Committee.