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Mr. Barksdale, who is Chairian of the Rappahannock County iSC Committee,said the changes i the program include:
-Lowering the interest rate on oans to 50 cents per $100 per nonth, which is a 6 percent annual ate. The loan rate had been 7-Vi >ercent. It was possible to lower he interest rate at this time lecause of recent lowering of the sorrowing cost of money to the :cc. -Increasing the maximum loan or outstanding aggregate balance from $25,000 to $35,000.
--Removing the $5,000 loan limit on drying equipment and permitting such loans for 85 percent of the net cost up to $35,000.
--Removing restrictions or various items of equipmenl essential to the practical operation of the storage or drying unit.
-Removing restrictions on costs of foundations and electrical wiring in the loans.
These program changes will no only help farmers install needec on-farm storage but also will hel{ modernize facilities to keep uj with new harvesting, conditioning and storage techniques.
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