Texas Legislature expands financial support programs for Texas agriculture
The following statement may be attributed to Texas Farm Bureau President Russell Boening following today’s ceremonial signing of HB 43 in Austin.
“Texas agriculture continues to face financial challenges that threaten the livelihoods of farmers and ranchers.
“The passage of HB 43 by the Texas Legislature and its signing by Gov. Greg Abbott is a step forward. This legislation, authored by State Rep. Stan Kitzman and State Sen. Kevin Sparks, expands financial assistance programs under the Texas Agricultural Finance Authority to better serve the needs of today’s farmers and ranchers.
“Expanding access to low-interest loans and grant programs will help more farmers and ranchers weather economic challenges and grow their operations. It also strengthens rural communities by supporting ag-related businesses that are essential to agriculture in our state. HB 43 reflects a strong commitment from state lawmakers to invest in the future of Texas agriculture and, in turn, the future of the Lone Star State.
“The successful passage of HB 43 and other bills important to agriculture are the result of strong grassroots advocacy by Texas Farm Bureau members across the state. When lawmakers hear directly from farmers and ranchers, it makes a difference. Supporting agriculture means strengthening the backbone of our rural communities and ensuring a stable, secure food supply for all Texans.”
Additional information on HB 43
HB 43 removes age restrictions from agricultural assistance programs, allowing all farmers and ranchers—not just those ages 18 to 46—to apply for grants and low-interest loans.
It also significantly increases available funding by raising loan caps to $1 million, along with significantly buying down interest rates, and it expands grant awards from $20,000 with a 100% matching requirement to $500,000 with a 10% match.
Under HB 43, eligibility for ag assistance programs was broadened to include businesses essential to agriculture, such as feed stores and cotton gins, in an effort to support the rural agricultural economy amid rising costs and economic pressures.
Also included in the bill is funding for the Texas Animal Health Commission and Texas A&M AgriLife Extension to address disease outbreaks, pests and wildlife depredation.
The total amount appropriated for HB 43 is now $100 million, a significant increase from $500,000 previously.