Sen. Marshall Announces Support for Legislation Expanding Access to Precision Agriculture Equipment

(Washington, D.C., July 11, 2022) – U.S. Senator Roger Marshall, M.D. announced his support for the Precision Agriculture Loan Act today, legislation that would offer low-cost and long-term loans to agriculture producers who want to adopt precision agriculture technologies but can’t afford to through traditional financing.

“The world is bracing for food shortages brought about by rising input costs and expensive energy regulations,” said Senator Marshall. “This legislation helps the American ag industry innovate to stay ahead of the curve, stabilize the food supply, and meet global demand moving into the future.”   

The PAL Act would establish the Precision Agriculture Loan program within USDA’s Farm Service Agency. It would be the first federal loan program dedicated entirely to precision agriculture, which is a wide range of new technologies in farming and ranching that can allow producers to reduce their environmental footprint, lower costs, and improve productivity. Instead of paying upwards of 5 percent in interest, producers would be eligible for interest rates lower than 2 percent through the new program with loan terms from 3 to 12 years in length. These loans would cover any precision agriculture technology that improves efficiency or reduces inputs.

The PAL Act was introduced by Senators Deb Fischer (NE) and Amy Klobucher (MN) on September 15, 2021.

Read a one-pager summarizing the PAL Act here.

Read the full text of the PAL Act here