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individual may desire to invest. The first such loan in Virginia was made through the Culpeper office by the State Bank of Madison (now National Bank and Trust Company) in Madison in 1948. This was a 40-year loan--however, it has long since been repaid by the borrower, and he has expanded his operation greatly and is now using local bank credit entirely. Funds advanced by the banks for these insured loans do not reduce their farm loan money but is considered the same as other types of investments. The Gov ernment can pay the lender up to 4 1/2 percent. This rate was increased by 1/2 percent in the last year to make the opportunity for advancing these funds more attractive to those who might have such funds to invest. The government will purchase these notes after three years if the lender desires to have his funds returned at the end of this period.
Farmers Home Administration makes loans only to those farmers and rural residents who are unable to borrow from banks and other sources on terms and conditions they can meet. Loan funds are geared to the needs of the individual and farm and home plans and
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and the operation before such loans are approved. The agency has different programs to meet needs of family type
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