The new debt consolidation tool allows producers to enter their farm operating debt and evaluate the potential savings that might come from debt consolidation.
That consolidation could come from either a local lender or the farm service agency.
By combining multiple eligible debts into a single, larger loan, farmers may get more favorable payment terms like lower interest rates or lower payments.
USDA believes the tool can help farmers achieve financial viability by helping them identify potential savings that could be reinvested in their operations, retirement accounts, or college savings accounts.
Producers can access the tool at farmers.gov.
