Producer and Agricultural Credit Enhancement Act of 2023

This bill increases loan limits for farmers under the Farm Service Agency. It raises the maximum farm ownership loan amount from $600,000 to $850,000 (and guaranteed loans from $1.75 million to $3.5 million), and operating loans from $400,000 to $750,000 (guaranteed from $1.75 million to $3 million). It also doubles the microloan cap from $50,000 to $100,000. Additionally, the bill creates a new process allowing distressed guaranteed loans to be refinanced into direct loans if borrowers can't resolve issues with lenders and the farm operation can become financially viable. These changes directly affect farmers and ranchers seeking credit through the Farm Service Agency.