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The loan interest rate in the U.S. Department of Agriculture’s Farm Storage and Drying Equipment JLoan Program is being lowered to 46 cents per $100 or fraction thereof per month, or to approximately 5-1/2 per cent annually.
This represents a decrease from 50 cents per $100 or fraction thereof, or 6 per cent annually. Lower borrowing cost of CCC makes it possible to lower the interest rate to farmers USDA officials said.
Under this program farmers can secure Commodity Credit Corporation loans to finance on-farm storage and drying facilities needed for grain and other commodities. ;
Adequate on-farm storage and drying capacity enables a farmer to do a better job of utilizingfhis
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