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This section expands eligibility for Department of Agriculture (USDA) farm ownership loans (7 U.S.C. 1922 et seq.), farm operating loans (7 U.S.C. 1941 et seq.), and the Farmers Market and Local Food Promotion Program (7 U.S.C. 1627c) to individuals and entities engaged in commercial fishing (as defined in the Magnuson-Stevens Fishery Conservation and Management Act, 16 U.S.C. 1802) or fish processing. (1) It amends the definitions of "farmer," "rancher," "farm," and "ranch" under the Consolidated Farm and Rural Development Act (7 U.S.C. 1991(a)) to include commercial fishing participants, commercial fishing vessels, fish processors, and fish processing facilities (i.e., facilities or vessels used for commercial fish processing); (2) it limits farm ownership loans to acquiring commercial fishing permits or vessels and capital improvements to such vessels or fish processing facilities, and farm operating loans to costs of operating and maintaining such vessels or facilities; and (3) it includes wild-caught fish (as defined in 46 U.S.C. 2101) as an agricultural commodity under the Farmers Market and Local Food Promotion Program and authorizes waivers or reductions of matching funds for commercial fishing or fish processing recipients. This section further directs the Secretary of Agriculture to integrate commercial fishing industry participants into these programs not later than one year after enactment, including through outreach and technical assistance via cooperative agreements and partnerships.
This section expands eligibility for credit and financial services under the Farm Credit Act of 1971 to persons furnishing services directly related to the operating needs of producers or harvesters of aquatic products (i.e., mirroring eligibility already provided for service providers to farmers and ranchers). Specifically, the section (1) adds such persons as a new borrower category for Farm Credit Banks, (2) includes them among the purposes for Farm Credit Banks' extensions of credit, and (3) adds them to Production Credit Associations' financing authority. (The Farm Credit System provides subsidized loans and related services to eligible agricultural borrowers and rural residents.)