OCR Text |
Show Emergency farm loans available f : , ... . . . : . - . ! ' v I V ... - -si, f . ;: s -i I . '. v . I I . i . , . . . - -; if l i I -ij i PRONGHORN: Chuck Martin, right, shot this pronghorn antelope in Antelope Valley in the West Desert last weekend. He said he was fortunate enough to slip up on the herd and pick off this buck without running them. Pictured is Jim Craw, who along with their wives, accompanied Chuck on the hunt. A new economic emergency emer-gency loan service for farmers farm-ers who have financial problems prob-lems caused by credit shortage short-age or cost -price squeeze is now in effect through the US Farmers Home Administra-. Administra-. tlon (FmHA). Michael L. Tebbs, the a-gency's a-gency's County Supervisor for Beaver County reports that FmHA is prepared to take applications at the FmHA Beaver County Office in Beaver. Economic emergency loans are authorized under the Agricultural Credit Act of 1978 signed by President Carter August 4. They offer of-fer special help to farmers who are hardpressed by recent re-cent shortage of credit from their regular lenders, or by debts accumulated during the recent period of low farm prices. Mr. Tebbs said the Economic Econ-omic emergency loan program pro-gram was enacted by Congress, Con-gress, with administration support, in recognition of the fact that economic conditions as well as weather, are often beyond farmers control. FmHA emergency credit has previously been confined to loans for recovery from natural na-tural disaster, or the guarantee guar-antee of private lenders' loans to livestock producers affected by economic conditions. condi-tions. Under the new economic emergency program , any established es-tablished farm operator individual, in-dividual, partnership, corporation cor-poration or cooperative experiencing scarce credit through FmHA in order to survive in farming and continue con-tinue their normal- level of operation. Economic emergency emer-gency loans will not be made to expand a farm operation. Loans made directly by FmHA will be at an interest rate equivalent to the cost of money secured by the government gov-ernment through sale of its Mr. Tebbs said initial inquiries in-quiries about economic emergency loans can be made either through a com -mercial agricultural leander or the county FmHA office serving the county where the farm is located. The Act calls for decision by FmHA on individual application within 30 days. While introducing the new economic emergency farm loan, FmHA will continue all pre - existing services. They include various programs pro-grams of non-emergency real estate and production securities to the public, plus an administrative add-on of up to one percent. The rate initially will be 8-12 percent. per-cent. Guaranteed loans will be made at rates negotiated between borrower and lender lend-er with FmHA providing the lender up to a 90 percent -guarantee against loss. Loans for operating purposes pur-poses will be made for terms of up to 7 years with loan consolidations and rescheduling resche-duling for another 7 years permitted, and 20-year payment pay-ment authorized under , special conditions. Real estate es-tate loans may be made for ,up to 40 years. Loans for annually - recurring expenses ex-penses will be repayable annually. an-nually. Mr. Tebbs said initial inquiries in-quiries about economic emergency loans can be made either through a com -mercial agricultural leander or the county FmHA office serving the county where the farm is located. The Act annually - recurring expenses ex-penses will be repayable annually. an-nually. ' |