Washington, Feb. 10 -- Congressman Brad Finstad issued the following press release:
Congressman Brad Finstad (MN-01) and Congressman Adam Gray (CA-13) introduced H.R. 7426, the USDA Express Loan Act, legislation which would expand the EZGuarantee Loan Program through the U.S. Department of Agriculture (USDA), expediting approval times for certain guaranteed loans - ensuring farmers, ranchers, and rural communities receive timely access to credit.
Specifically, the USDA Express Loan Act requires USDA to provide lenders with a short, simplified application for real estate and operating guaranteed loans of $1 million or less and mandates USDA notify lenders within 5 business days whether an application is approved or disapproved, eliminatin...