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Changes in Storage
Loan Program
Several changes have been made in the Commodity Credit Corporation loan program under which farmers may borrow funds for constructing on-farm storage structures and purchase of drying equipment. H. S. Barksdale, Chairman of the Rappahannock County Agricultural Stabilization and Conservation (ASC) Committee, said the changes should help expand on-farm storage and drying capability and should permit more orderly marketing and improved returns.
The period of farm production used in determining storage structure needs for loan purposes has been extended to two years compared with one year’s pfpductiqikpre$i0usly used^.
The changes inciude an increase in the maximum amount producers can borrow for dryer loans to 85 percent of the net cost up to $5,000. This compares with the previous rate of 65 perceht, up to $2,500.
92.3%