Brownfield Ag News
Ernst touts MAMBA Act, seeks opportunities for first-time farmers
June 27, 2025 By Brent Barnett
Legislation in the U.S. Senate aims to expand opportunities for first-time farmers and small to mid-size manufacturers.
Republican Joni Ernst of Iowa says the Modernizing Agricultural and Manufacturing Bonds, or MAMBA, Act would provide new financing options for young and beginning producers.
“It centers around the Aggie Bonds and Industrial Development Bonds,” she said. “What we’re doing in each of those is raising the individual bond cap. That really helps especially as we’ve seen inflation over the last number of years.”
The MAMBA Act would increase limits from $450,000 to $1 million for the Aggie Bonds. It also removes what Ernst calls “outdated caps” on used and existing agricultural property. Ernst re-introduced the bill this summer after it failed to gain movement in the last Congress. It’s co-authored by Republican Cindy Hyde-Smith of Mississippi and Democrat Mark Warner of Virginia.
Ernst tells Brownfield beginning farmers are in critical need of financial resources.
“We know the costs associated with farming,” she said. “If you look at just one piece of field equipment, man, you could be talking half a million dollars.”
She says the price of farmland is another barrier.
“It’s a real issue,” Ernst said. “If we want to truly have young farmers we need to make sure we provide them an easier pathway.” The legislation has received support from the National Young Farmers Coalition and other groups including the Council of Development Finance Agencies, Bond Dealers of America, Independent Community Banks of America, and the New American Industrial Alliance.