Farmers would get some financial help for buying precision agricultural machinery under a program U.S. Rep. Randy Feenstra is trying to create.

The Republican from Hull teamed up with U.S. Rep. Jimmy Panetta, D-California, to introduce the Precision Agriculture Loan Program Act.

Their proposal would authorize loans of up to $500,000 with interest rates of less than 2 percent that farmers could use to buy precision agriculture machines. The loans could also be used to pay for updating existing equipment with precision agriculture technology.

If approved, the program would be operated by the Farm Service Agency, which is part of the U.S. Department of Agriculture.

Feenstra said the bill was inspired by his visits to the Farm Progress Show in Boone in 2022 and 2024.

“On both occasions, I was impressed by the cutting-edge advancements in farm technology that help lower input costs for our farmers, increase farm productivity and profitability and strengthen Iowa’s ability to feed and fuel our country and the world,” he said in a written statement.

“However, we need to make precision agriculture equipment accessible to producers across our state and around the nation,” he added. “This legislation will help our farmers save precious dollars, increase yields, and compete with countries like China on a more level playing field.”

The legislation awaits action in committees in the House of Representatives.