The Nebraska Investment Finance Authority (NIFA) Beginning Farmer/Rancher Program enables farmers or ranchers to obtain loans at interest rates lower than those generally available in the conventional farm credit markets. This is made possible by the issuance of a tax-exempt bond by NIFA, purchased by the farmer/rancher's lender, providing the lender with interest that is exempt from federal and Nebraska state income tax. The lender then sets the rate of interest on the farm loan to reflect the tax-exempt rate on the bond.