OCR Text |
Show Farmers May G it Emergency Crop and led Loans low Any farmer, either owner or tenant, who has insufficient collateral col-lateral to obtain a loan from the production credit association or local bank, or whose operations or needs are not of sufficient size to make it practical to borrow there, is an eligible applicant for an Emergency Crop and Feed Loan. This announcement was made by Eugene Christensen, Field Supervisor of the Emergency Emergen-cy Crop and Feed Loan Office, Farm Credit Administration, U. S. Department of Agriculture. The loans are primarily based upon the moral responsibility, the ability to produce, and whether or not the applicant is an established farmer. It has always been an established policy poli-cy of the mergency Crop and Feed Loan Office to lend no more than the borrowers will, un der normal conditions, be able to repay from the current year's operations. In the case of "crop" or "seed" loans, a first lien on the crop to be grown is taken as security. Loans are to be repaid from the sale of crops uncfer mortgage. In the case of "feed" loans, a chattel mortgage is taken on the livestock to be fed. Repayment is to be made from the sale of livestock or products. Mr. Christensen further stated that the purpose of the loan is to furnish credit at low cost to eligible farmers for the purchase of seed, fertilizer, and other supplies sup-plies or expenses necessary for the production and harvesting crops, including , an appropriate amount for the repair of farm equipment and machinery and for the production or purchase of feed to be used in feeding livestock. live-stock. Generally, loans are completed com-pleted within a week or ten days. The regional office includes a field force of field supervisors who are assigned to a specific territory on a county basis. Further Fur-ther information can be obtained by writing or calling on Mr. Eugene Christensen at Salina, Utah. |