The House and Senate approved legislation last week to increase a farm loan guarantee program by $110 million.
Loan guarantees, which are administered by the Department of Agriculture's Farm Service Agency, have been a popular resource for banks this year as low crop and livestock prices have made it difficult for some farmers to qualify for traditional nonguaranteed loans. Bankers exhausted some states' allocations in the $3 billion program this spring and have been awaiting more funds.
The latest appropriation could result in additional $1.1 billion in loans for farmers.
In addition to supplementing the loan guarantee program, the bill would appropriate $42.75 million for Farm Service Agency salaries and expenses and $70 million for disaster payments to livestock producers.