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USDA to provide loans for precision agriculture technology

The PAL Act would set up the Precision Agriculture Mortgage program inside USDA’s Farm Service Company. This system would supply low-cost and long-term loans to agriculture producers who need to undertake precision agriculture applied sciences however can’t afford to by conventional financing.

Rates of interest decrease than 2 p.c
It could be the primary federal mortgage program devoted completely to precision agriculture. As an alternative of paying upwards of 5 p.c in curiosity, producers could be eligible for rates of interest decrease than 2 p.c by the brand new program with mortgage phrases from 3 to 12 years in size. These loans would cowl any precision agriculture know-how that improves effectivity or reduces inputs.

Whether or not this rate of interest break assure could have a widespread affect stays to be seen. It’ll nevertheless be helpful for bigger farms already ready and ready to make massive investments in precision agriculture know-how.

 

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