WASHINGTON, DC – A House Agriculture Subcommittee hearing Wednesday focused on the growing pressure family farmers face accessing affordable credit and managing financial risk. The session was part of a series examining farm finance and included testimony from rural bankers, ag lenders, and Montana producer John Wicks.
Wicks, a fourth-generation farmer, emphasized the strain rising input costs and low commodity prices place on family farms. He said that while credit and risk management programs are essential, farmers also need more competitive markets and stronger farm safety net protections to stay viable.
Suggestions from the hearing included increasing loan limits through the Farm Service Agency, streamlining debt restructuring processes, and ensuring programs meet the needs of diverse farm types. Ag lenders warned that higher interest rates are compounding risk for borrowers, even as operational costs climb.
Witnesses from AgWest Farm Credit and First National Bank in Sioux Falls urged Congress to invest in stronger lending tools that reflect today’s economic realities. Their message was clear: current programs are outdated and must evolve if small and midsize producers are to survive and grow.