Feenstra Leads Legislation to Help Iowa Farmers Buy Precision Agriculture Equipment
WASHINGTON, D.C. – Today, U.S. Reps. Randy Feenstra (R-IA) and Jimmy Panetta (D-CA) introduced the Precision Agriculture Loan Program Act, which would establish the first-ever federal precision agriculture loan program in the U.S. Department of Agriculture’s Farm Service Agency.
“In 2022 and 2024, I attended the Farm Progress Show in Boone, Iowa to meet with our farmers, producers, equipment manufacturers, and ag innovators. On both occasions, I was impressed by the cutting-edge advancements in farm technology that help lower input costs for our farmers, increase farm productivity and profitability, and strengthen Iowa’s ability to feed and fuel our country and the world. However, we need to make precision agriculture equipment accessible to producers across our state and around the nation,” said Rep. Feenstra. “That’s why I introduced the Precision Agriculture Loan Program Act to ensure that our producers can secure low-interest loans to invest in precision agriculture tools and make their operations more efficient. This legislation will help our farmers save precious dollars, increase yields, and compete with countries like China on a more level playing field.”
“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. “Our bipartisan Precision Agriculture Loan Program Act would provide a practical solution by offering targeted financing to help producers purchase and adopt this technology. By expanding access to these tools, we can strengthen farm operations, boost sustainability, and enhance our long-term food and climate security.”
“Access to cutting-edge technology is not a nice-to-have but a must-have for farmers, ranchers, and foresters across the country. Equipment manufacturers applaud U.S. Representatives Randy Feenstra and Jimmy Panetta for championing the first-ever federal precision agriculture loan program in the U.S. Department of Agriculture's Farm Service Agency. The Precision Agriculture Loan (PAL) Act will allow more farmers to leverage precision agriculture technologies to remain competitive and operate more efficiently,” said Kip Eideberg, Senior Vice President of Government and Industry Relations at the Association of Equipment Manufacturers (AEM).
More specifically, this legislation would offer loans up to $500,000 between 3 and 12 years in length at interest rates of less than 2% and create a list of acceptable precision agriculture technologies approved by the Farm Service Agency and covered by the USDA. This funding would also allow farmers to retrofit existing equipment with new technologies.
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