Farm Credit continued its strong support for beginning farmers during 2022. That was detailed in a report at the Farm Credit Administration’s Board meeting where it issued the annual report on the Farm Credit System’s lending to young, beginning, and small farmers.
FCA, Farm Credit’s federal regulator, focused on the financial safety and soundness of the Farm Credit System. “Supporting the next generation of farmers and ranchers remains a key component of Farm Credit’s mission,” says CEO Todd Van Hoose. “In 2022, Farm Credit made 78,742 loans to beginning farmers worth over $21.5 billion.”
He also says in the past three years, Farm Credit made more than 270,000 loans totaling more than $70 billion to beginning farmers and ranchers. “The Farm Credit Administration’s report confirms Farm Credit’s consistent support for beginning farmers,” he adds. “When adjusting for the strong demand from pandemic-era programs, loan growth to beginning farmers stayed strong.”