Emergency farm loan program launched
HARRISBURG - State
Agriculture Secretary Kent
Shelbamer says that Penn
sylvania fanners who face $
shortage of credit from
regular sources or who are
particularly hard-hit by the
current production cost
price differentia] may be
eligible for emergency loans
under the Agricultural
Credit Act of 197£ signed
August 4 by President
Carter.
the Act, farmers who qualify
can borrow up to $400,000 at
unsubsidized interest rates
to sustain normal farm
operations or to refinance
existing debts. The Farmers
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Home Administration, which
will administer the program,
will guarantee* loans by
commercial lenders or make
loans directly to farmers
who lack other sources of
necessary credit.
to the
Agriculture Secretary, the
program will also double
loan limits in regular FmHA
programs for farm
ownership and operations,
raise limits on farm loans
made by private lenders and
guaranteed by FmHA, and
will 1 authorize FmHA to
make loans to family farms
operated by partnerships,
coops and corporations. He
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noted that the law previously
restricted eligibility to
fanners operating as in
dividuals.
The interest rates on
economic emergency loans
made directly by the FmHA
will be B Vz per cent. Where
FmHA guarantees loans,
interest rates are v negotiated
between the borrower and
the lender with the FmHA
guaranteeing up to 90 per
cent of the loan.
Loans for operating
purposes will be made for up
to seven years, with
rescheduled or consolidated
loans having an additional
seven year repayment term.
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Under special conditions, the
FmHA may authorize
payment over 20 years.
Loans for annually
NPPC pushing for awareness
DES MOINES, lowa -
More than 100 pork producer
leaders from throughout the
country met hefe August 18
to kickoff an intensive six
week “awareness” push.
Using the theme “Is
regulatory reason worth a
dime?” producers in 35
National Pork Producers
Council member states will
meet with their
congressmen to voice their
concerns about government
regulations.
In recent months,
decisions involving an
tibiotics, investment tax
credit, sulfa, turkey ham,
and nitrite have caused
confusion and uncertainty
within the pork industry.
“And we think it’s time to
let our congressmen know
how we feel and ask then
help in seeing that we return
reason to regulations,” says
John Soorholtz, president of
the NPPC.
Soorholtz reminded the
producers that the state
producer associations and
NPPC have a solid
reputation for getting things
done, “mainly because we
have always presented a
united front and represented
all pork producers - never a
chosen few producers or a
select group of states.
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icaster Famine, Saturday, Aagurt 26,1971
recurring expenses will be
repayable annually.
Under the program, loans
are limited to a maximumof
“All we have to do is look
at what we’ve done in the
last few months with the
sulfa residue problem.
USDA has made a big
commitment in money and
manpower to getting at the
bottom of this problem. And
there’s no doubt in my mind
that the only reason this has
happened is because all of us
worked together - with the
coordination of the national
office,” saidSoorholtz.
NPPC staff members
updated the leaders on
current interest areas and
outlined how they should
conduct state and district
meetings.
Petitions will be circulated
among producers and
distributed at marketing
points. These will be
presented to congressmen at
the district meetings.
in addition, empahsis will
be placed on signing up new
members and adding
markets to the voluntary
funding program. NPPC is
the largest commodity group
in the country with 80,000
$400,000 per 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.
More information is
available through the FmHA
offices throughout the state.
members. And more than 40
million market hogs are
being checked off each year.
“But we’ve got to do
more” was Soorholtz’s
challenge to the industry
leaders. “Our strength
comes from the numbers of
producers we represent and
the markets that are
working with us.
“And numbers are what
Washington responds to.”
There are 9 million boats
and 50 million persons
engaged in recreational
boating in the United States,
the U.S. Coast Guard says.
A National Highway
Traffic Safety Ad
ministration study shows the
chance of fatal head injury
appears to be at least four
times greater for the
motorcyclist not wearing a
helmet compared with the
cyclist wearing head gear.
There are more than 5
million motorcycles
registered in this country
according to figures com
piled by the U.S. Depart
ment of Transportation.
107