INVENTORY SALES PREFERENCES; LOAN FUND SET-ASIDES.

SEC. 5302. INVENTORY SALES PREFERENCES; LOAN FUND SET-ASIDES.(a) Inventory Sales Preferences.—Section 335(c) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1985(c)) is amended—(1) in paragraph (1)—(A) in subparagraph (B)—(i) in the subparagraph heading, by inserting “; socially disadvantaged farmer or rancher” after “or rancher”;(ii) in clause (i), by inserting “ or a socially disadvantaged farmer or rancher” after “or rancher”;(iii) in clause (ii), by inserting “or socially disadvantaged farmer or rancher” after “or rancher”;(iv) in clause (iii), by inserting “or a socially disadvantaged farmer or rancher” after “or rancher”; and(v) in clause (iv), by striking “and ranchers” and inserting “or ranchers and socially disadvantaged farmers or ranchers”; and122 STAT. 1152(B) in subparagraph (C), by inserting “or a socially disadvantaged farmer or rancher” after “or rancher”;(2) in paragraph (5)(B)—(A) in clause (i)—(i) in the clause heading, by inserting “; socially disadvantaged farmer or rancher” after “or rancher”;(ii) by inserting “or a socially disadvantaged farmer or rancher” after “a beginning farmer or rancher”; and(iii) by inserting “or the socially disadvantaged farmer or rancher” after “the beginning farmer or rancher”; and(B) in clause (ii)—(i) in the matter preceding subclause (I), by inserting “or a socially disadvantaged farmer or rancher” after “or rancher”; and(ii) in subclause (II), by inserting “or the socially disadvantaged farmer or rancher” after “or rancher”; and(3) in paragraph (6)—(A) in subparagraph (A), by inserting “or a socially disadvantaged farmer or rancher” after “or rancher”; and(B) in subparagraph (C)—(i) in clause (i)(I), by striking “and ranchers” and inserting “or ranchers and socially disadvantaged farmers or ranchers”; and(ii) in clause (ii), by inserting “or socially disadvantaged farmers or ranchers” after “or ranchers”.(b) Loan Fund Set-Asides.—Section 346(b)(2) of such Act (7 U.S.C. 1994(b)(2)) is amended—(1) in subparagraph (A)—(A) in clause (i)—(i) in subclause (I), by striking “70 percent” and inserting “an amount that is not less than 75 percent of the total amount”; and(ii) in subclause (II)—(I) in the subclause heading, by inserting “; joint financing arrangements” after “payment loans”;(II) by striking “60 percent” and inserting “an amount not less than ⅔ of the amount”; and(III) by inserting “and joint financing arrangements under section 307(a)(3)(D)” after “section 310E”; and(B) in clause (ii)(III), by striking “2003 through 2007, 35 percent” and inserting “2008 through 2012, an amount that is not less than 50 percent of the total amount”; and(2) in subparagraph (B)(i), by striking “25 percent” and inserting “an amount that is not less than 40 percent of the total amount”.