The Biden administration released payments to more than 43,000 eligible applicants under the Inflation Reduction Act’s (IRA) Discrimination Financial Assistance Program.
Congress allocated $2.2 billion for the program to provide financial assistance to farmers, ranchers and forest landowners who experienced discrimination in USDA lending programs prior to January 2021. Over 23,000 applicants who have or had a farm or ranch are receiving between $10,000-500,000 of assistance, with an average of nearly $82,000.
Over 20,000 other applicants who said they planned to have a ranch or farm but couldn’t get a USDA loan are receiving between $3,500-6,000 of assistance, with an average of $5,000.
