—Lancaster Farming, Saturday, August 12,1978
44
Emergency loans available
WASHINGTON, D.C. -
President Cartel last week
signed a bill to provide up to
$4 billion of additional credit
to the nation’s farmers.
Secretary of Agriculture Bob
Bergland said loans under
the new law would be
available now through the
Department’s Farmers
Home Administration
(FmHA).
The new economic
emergency loan program
will offer special help to
farmers who face a shortage
of credit from regular
sources or who are par
ticularly hardhit by the
current combination of
rising production costs and
lower prices for their crops
and livestock.
Under the program, these
farmers can borrow up to
$400,000-at an unsubsidized
interest rate-to sustain their
normal farm operations or
refinance existing debt.
FmHA will guarantee loans
by commercial lenders or
make loans directly to
farmers who lack other
sources of necessary credit.
Other provisions of the
new Agricultural Credit Act
of 1978 will go into effect in
about a week. According to
Bergland, they will
-double loan limits m
regular FmHA programs for
farm ownership and
operations;
-raise limits on farm loans
Garber OiJ Co.
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_
made by private lenders and
guaranteed by FmHA; and
-authorize FmHA to make
loans to family-sized farms
operated by partnerships,
cooperatives and cor
porations. Previous law
restricted eligibility to
farmers operating as in
dividuals.
The interest rate on
economic emergency loans
made directly by FmHA will
be 8% per cent. Rates in the
future will be based on the
government’s cost of
borrowing.
In the case of FmHA
guaranteed loans, interest
rates are negotiated between
the borrower and lender,
with FmHA guaranteeing up
to 90 per cent or tne loan
I oans fur operating
purposes will be made for up
to seven years Loan that are
consolidated or rescheduled
will have an additional seven
years repayment term.
Under special conditions,
FmHA may authorize
repayment over 20 years.
Loans for annually
recurring expenses will be
repayable annually.
Loans are limited to a
maximum of $400,000 to a
borrower. A borrower’s
combined debt for economic
emergency and other types
of non-emergency FmHA
farm real estate and
operating loans may not
exceed $650,000.
s.
MP-
Seeds
Wenger - Winger reunion set
LANCASTER - The 56th
Annual Wei,ger-Wmger
Reunion will be held on
August 18, 19 and 20, in
Lancaster County The
opening session will be held
Friday, evening, August 18,
m public meeting room at
the Lancaster Mennonite
Historical Center, 2215 Mill
Stream Road, Lancaster, at
7:30 p.m- with Clarke E.
Hess, Vice-President of the
association in charge.
ECHO
WEED & GRASS
TRIMMER
The reunion first’ met at
Ephrata on Wednesday,
August 10,1922, and has met
annually ever since except
for one omission during
World War II
The Reunion comprises all -
variant"' spellings of _ the
family name, such as
Wanger, Whanger, Wmgert,
Wengerd, Wengert, and
Wengerd. The family is
basically Mennonite, but
there are large numbers of
the clan who are identified
with such related church
groups as the Church of the
Brethren, Brethren in
Christ, Amish, and other
denominations
Could Be Worse
Seme obseners say that
the only thing worse than
being a bachelor is being a
bachelor’s son
waiting for
durability
superior design
-bility to track
igh quality nylon
A 'Quality
,140 D”