BALE Act of 2023

Summary

Beginning Agriculturalist Lifetime Employment Act of 2023 or the BALE Act of 20 2 3 This bill revises the limits for the Department of Agriculture (USDA) conservation loan guarantee program. The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan. The bill also (1) prohibits USDA from guaranteeing a loan under the program that exceeds $4 million, and (2) requires USDA to adjust the limits annually for inflation.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 January 2023

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• Introduced in House (PDF)

  Introduced in House · EN · 26 January 2023

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• Introduced in House

  summary · EN · 26 January 2023

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