Sioux City Times

U.S. Representatives Randy Feenstra and Jimmy Panetta have introduced the Precision Agriculture Loan Program Act, a legislative initiative aimed at establishing the first federal precision agriculture loan program within the U.S. Department of Agriculture’s Farm Service Agency.

Rep. Feenstra expressed his motivation for introducing this legislation after attending the Farm Progress Show in Boone, Iowa, where he observed advancements in farm technology. "In 2022 and 2024, I attended the Farm Progress Show in Boone, Iowa to meet with our farmers, producers, equipment manufacturers, and ag innovators," said Rep. Feenstra. He noted that while these technologies can enhance productivity and profitability for farmers, they remain inaccessible to many due to high costs.

Rep. Panetta highlighted the financial barriers faced by farmers seeking to adopt precision agriculture tools: “Despite the promise of precision agriculture, the high cost of this advanced equipment continues to put it out of reach for too many farmers.” He emphasized that their bipartisan act aims to provide targeted financing solutions.

Kip Eideberg from the Association of Equipment Manufacturers praised the initiative: “Access to cutting-edge technology is not a nice-to-have but a must-have for farmers, ranchers, and foresters across the country." He commended Reps. Feenstra and Panetta for their efforts in supporting competitive farming operations through technological advancement.

The proposed legislation includes provisions for loans up to $500,000 with terms ranging from 3 to 12 years at interest rates below 2%. It also outlines plans for creating an approved list of precision agriculture technologies eligible under this program.