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Water Facility Loans Now Available
Charles B. Waddell, State Director of Farmers Home Administration, has announced that Waiter Facilities loans are now available to Virginia farmers. Soil Conservation loans also will be available as soon as detailed arrangements can be worked out, Mr. Waddell added. Water % Facilities loans have been available in the 17 Western — States since 1937 and legislation recently passed by Congress extended the water facilities loans to-the entire United States. It is believed that these loans will be of benefit especially to drought-stricken farmers for establishment of irrigation systems and other water facilities. Many farmers have been hard hit by drought the past 3# years. «
Loan* funds may be ikȣ d to pay cash cost of materials, equipment and services directly related to the application of soil and water conservation practices, water facilities and drainage. This includes construction or repair of terraces, ditches, ponds, wells, pumping and irrigation equipment and similar facilities. %
Waddell said soil and water conservation loans will be made to carry out only the types of soil and water conservation practices that are recommended by Extension Service or Soil Conservation Service.
The Farmers Home Administration is authorized to insure loans up to a total of $25,000,000 etch fiscal year. Congress also appropriated $11,500,000 for this type of direct assistance for the 1955 fiscal year.
Loans from appropriated funds carry an interest charge of 5per cent, On insured loans, private lenders will receive 4 per cent and in addition the borower will pay 1 per cent for insurance. ' Loans, either insured or direct, cannot be made to farmers who are able to obtain necessary credit on reasonable terms from private
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