Interest Rate on Emergency Loans Made by the Farmers' Home Administration: Hearing Before the Subcommittee on Conservation and Credit of ..., 84-1, April 22, 1955

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Page 25 - Secretary — determines that there is a need for such credit which cannot be met for a temporary period from commercial banks, cooperative lending agencies, the Farmers Home Administration, under its regular programs, or under the act of April 6, 1949, or other responsible sources.
Page 24 - ... farm ; be unable to obtain sufficient credit to finance his actual needs at rates (but not exceeding the rate of 5 percent per annum) and terms prevailing in or near his community for loans of similar size and character; derive his major income from farming ; spend the major portion of his time in carrying on his farming ; and own or have suitable tenure arrangements for the farm. An applicant for a loan on a less than family-type farm must be a bona fide farmer who has historically resided on...
Page 24 - Elir/i:biUtv.—-An-ny person (partnership, corporation, or other business organization but not a commercial feed lot operator) who is an established producer and feeder of cattle, sheep, or goats, is eligible for a special livestock loan if he is unable temporarily to obtain needed credit from commercial banks, cooperative lending agencies, or other responsible sources for the purpose of conducting his normal livestock operations ; if he has a good record of operations, a reputation for honesty,...
Page 24 - ... purposes and ability to pay. Payments are expected when income is available. A borrower's total principal indebtedness may not exceed $20,000. Eligibility. — The applicant must be a citizen of the United States and possess legal capacity to contract for the loan. An applicant on a family-type farm must have had farm experience or training which will assure reasonable prospects of successful family-type farming operation ; be operating or have available a...
Page 24 - ... growers. Instead, any established cranberry grower with a record of successful cranberry operations in the past, whether owner or tenant, operating in the designated area as an individual, partnership, or corporation, is eligible for a loan provided: (1) He is unable to obtain from commercial banks, cooperative lending agencies, or other responsible sources the credit required for continuing his normal cranberry operations. If the applicant is a partnership or corporation, it must be determined...
Page 24 - ... Production Emergency loans is the same as prescribed in § 341.2 of this chapter, except that loans may be made to established operators of larger than family-type farms without regard to the labor requirements. § 381.5 Eligibility requirements. Any established farmer operating in a designated area, whether owner or tenant, including a partnership or corporation engaged primarily in farming, is eligible for a Production Emergency loan if the eligibility requirements prescribed in paragraphs...
Page 25 - ... or other responsible sources. Terms. — The interest rate on these loans is 3 percent. Most emergency loans are made for crop production and are usually due when the crop is harvested. Loans for repair or improvement of real estate are scheduled for repayment within 1 to 10 years. Eligibility. — Any established farmer or stockman, whether owner or tenant, including a partnership or corporation, engaged primarily in farming or livestock production operations in an ecomonic disaster area designated...

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