Press

WASHINGTON, D.C. – Several national agriculture and business organizations have announced their support for U.S. Senator Deb Fischer’s (R-Neb.) Precision Agriculture Loan Act. Sen. Fischer, who is a member of the Senate Agriculture Committee, introduced the bipartisan legislation in September. 

Precision ag technologies are critical tools that help America’s farmers and ranchers maximize their yields and reduce their environmental footprint. However, the upfront costs to purchase new, cutting-edge equipment is often prohibitively expensive. We applaud Senators Fischer and Klobuchar for their bipartisan leadership on the Precision Agriculture Loan Act, which will facilitate the adoption of innovative, climate-smart technologies,” said the Food and Agriculture Climate Alliance (FACA).

“Precision agriculture technology has been proven to increase yields, reduce land, water, chemical, and fuel use, and help sequester greenhouse gases in the soil—and we are seeing that this is just the exciting beginning of what precision ag can do for America’s family farms. Many farmers want to leverage this technology, but they are limited by the high cost of adoption. ASA supports federal efforts to expand voluntary adoption of precision agriculture technology by farmers, and we applaud Senators Fischer and Klobuchar for introducing the Precision Ag Loan Act to help deliver vital, climate-smart precision ag tech to farm gates across the country,” said Kevin Scott, president of the American Soybean Association and soy grower from South Dakota.

“The U.S. Chamber of Commerce commends Sens. Fischer and Klobuchar for introducing S. 2750, the bipartisan Precision Agriculture Loan Program Act of 2021. Broader access to precision agriculture technologies will enable America’s farmers to continue leading the world in innovation and offer another important tool to reduce greenhouse gas emissions, improve water management, and optimize crop yields and global food security,” said Chuck Chaitovitz, Vice President of Environmental Affairs and Sustainability with the Chamber of Commerce.

Other organizations that have expressed support of the legislation include: Association of Equipment Manufacturers, American Sheep Industry, National Cotton Council, National Milk Producers Federation, USA Rice, National Association of State Departments of Agriculture, Ducks Unlimited, National Council of Farmer Cooperatives, American Sugarbeet Growers Association, American Seed Trade Association, California Specialty Crops Council, Council of Producers and Distributors of Agrotechnology, CropLife America, FMC, Hop Growers of America, National Alliance of Independent Crop Consultants, National Onion Association, AMVAC, Citizens for Responsible Energy Solutions, the American Conservation Coalition, and the Nebraska Farm Bureau. 

More information:

The Precision Agriculture Loan Act would establish the Precision Agriculture Loan program within USDA’s Farm Service Agency. The program would offer low-cost and long-term loans to agriculture producers who want to adopt precision agriculture technologies but can’t afford the initial costs through traditional financing. 

This would be the first federal loan program dedicated entirely to precision agriculture. Instead of paying upwards of 5 percent in interest, producers would be eligible for interest rates lower than 2 percent through the new program, with loan terms from 3 to 12 years in length. These loans would cover any precision agriculture technology that improves efficiency or reduces inputs.

Watch her floor speech on the bill here.

Read a one-pager summarizing the bill here.

Read the full text of the bill here

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