The Honorable Sonny Perdue
US Department of Agriculture
1400 Independence Avenue SW
Washington, DC 20250
Dear Secretary Perdue:
On behalf of over 5,000 commercial banks in the United States with over 50,000 locations across America, the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) urge the United States Department of Agriculture (USDA) to make adjustments to Farm Service Agency (FSA) loan programs due to the short-term and potential long-term ramifications of COVID-19.
We urge USDA to consider the following changes to FSA Guaranteed Loan Programs during the declared national emergency:
ABA is asking for USDA to consider the following changes to FSA Direct Loan Programs during the declared national emergency:
These changes will help lenders and borrowers work through these challenging times faster. During this national emergency, USDA should do everything it can to help lenders that are working with borrowers in rural America. By reducing the time to process loans, borrowers will be able to work through potential credit issues faster and keep their operations running smoothly.
American Bankers Association
Independent Community Bankers of America