Comparing the Loan Performance of Direct and Guaranteed Farm Service Agency Loans
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Comparisons of Farm Service Agency direct and guaranteed farm loans made from fiscal
2000 through fiscal 2003 shows that differences in performance measure between the two
delivery systems are substantial, but that those differences appear to be consistent with
differences in program objectives. Direct loans made during these years had higher
delinquency, restructuring, and loss rates than guaranteed loans made. In addition, when
loan repayments occur, they occur more quickly in direct loans than in guaranteed loans.
Despite the differences, most loan performance measures for both delivery systems
continue to show significant improvement from historical highs set in the 1980s and
1990s.