Fair Credit for Farmers Act of 2023

The Fair Credit for Farmers Act of 2023 provides temporary financial relief to eligible farmers and ranchers facing economic hardship. It allows eligible borrowers to defer principal and interest payments on direct farm loans for two years, with repayment extended by at least two additional years, and sets interest rates to zero percent during this period. The bill also waives fees on guaranteed farm loans for historically underserved farmers and ranchers (including limited resource, socially disadvantaged, beginning, and veteran farmers) for two years. Additionally, it includes reforms to improve transparency in loan decisions and provides equitable relief for applicants denied loans due to errors by the Farm Service Agency.