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The Federal Farm Loan Act of 1916 established 12 regional Farm Loan Banks to serve members of Farm Loan Associations. Farmers could borrow up to 50% of the value of their land and 20% of the value of their improvements.
The biggest benefit of the act was to allow small farmers to be more competitive with the larger businesses. Banks were to provide loans at a competitive rate to small businessmen.
The act was signed into law by president Woodrow Wilson.
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