U.S. Rep. Randy Feenstra (R-IA) on May 6 proposed a bipartisan bill that would establish the first-ever federal precision agriculture loan program in the U.S. Department of Agriculture’s (USDA’s) Farm Service Agency.
“We need to make precision agriculture equipment accessible to producers across our state and around the nation… [and] ensure that our producers can secure low-interest loans to invest in precision agriculture tools and make their operations more efficient,” Rep. Feenstra said.
“This legislation will help our farmers save precious dollars, increase yields, and compete with countries like China on a more level playing field,” he added.
The congressman sponsored the Precision Agriculture Loan Program Act, H.R. 3211, with lead original cosponsor U.S. Rep. Jimmy Panetta (D-CA). If enacted, the bill would offer loans up to $500,000 between three and 12 years in length at interest rates of less than 2 percent.
Additionally, the legislation would create a list of acceptable precision agriculture technologies approved by the Farm Service Agency and covered by the USDA, according to a bill summary provided by Rep. Feenstra’s staff.
“Despite the promise of precision agriculture, the high cost of this advanced equipment continues to put it out of reach for too many farmers,” said Rep. Panetta. “By expanding access to these tools, we can strengthen farm operations, boost sustainability, and enhance our long-term food and climate security.”
H.R. 3211 has garnered support from the Association of Equipment Manufacturers.