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St. Paul, Minn. (AP)

Farm Service Agency frees up $760 million in loan money

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The Farm Service Agency is making $760 million available for approved, but previously unfunded loans.

Minnesota Farm Service Agency executive director Linda Hennen says the government will deliver the loans to farmers as quickly as possible.

The government had already provided $400 million to state FSA offices across the country for direct operating loans. These funds will clear a $150 million backlog of loans already approved for 2,200 family farmers. The money will also provide additional funds for new loan applications.

The agency also is now making $360 million available nationwide for direct farm ownership loans. There are currently 1,800 family farmers with approved, but unfunded loans for $322 million.