Show S Loans Help I Solve Sanpete I Credit Problems Sanpete County farmers are being helped with their credit problems through the USDA Farmers Home Administrations Administration's Administrations Administration's Administrations Administration's tion's farm ownership loan program mA C County 0 u n nty t y Supervisor Maynard C. C this week reported that during fiscal 1964 19 families in this county county county coun coun- ty were helped by his agency with credit problems dealing with purchase enlargement or improvement of farms development development development devel devel- of recreational enterprises enterprises enter- enter or refinancing of debts An additional 86 farm families lam lam- lies continued to use FRA farm ownership credit previously previously previously pre pre- o obtained explains Mr Ir Farm ownership loans tailored to th the individual borrowers borrower's borrowers borrower's borrowers borrower's bor bor- rowers rower's needs are made only to an individual who will after the loan is made be a family farmer He must also be unable to obtain credit from other ther sources at reasonable reasonable reason reason- able rates and terms emphasized emphasized sized Mr Although j applications from eligible veterans vett vet vet- t 1 erans are given preference both veterans and non veter J ans must meet the same eligi eligi- requirements Farmers Home Administrations Administrations Administration's Administrations Administration's tion's farm ownership loan program was of particular benefit during fiscal 1964 to the following types of Sanpete County families Farm families fain fain- lies needing credit assistance to buy a farm young farm families needing financial assistance assistance as as- for development and enlargement of farms farmers in financial difficulties due mainly to causes beyond their control who need long long- term credit for restructuring debts The interest rate for farm ownership loans is five percent per percent er cent with both interest and principal amortized into equal annual installments Each loan loanis is scheduled for repayment over a period not to exceed 40 years In addition to farm ownership ownership ownership owner owner- ship loans Farmers Home Administration Administration Ad Ad- ministration also provides other other other oth oth- er types of credit including Rural Housing Soil and Water Water Wa Wa- ter and Operating Loans At present families and four irrigation on companies are being being being be be- ing helped by this agency in Sanpete County |