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FINANCIAL assistance to livestock and poultry producers under the Emergency Livestock Credit Act is available through a new loan guarantee authority of the Farmers Home Administration (FmHA), a rural credit service of the U.S. Department of Agriculture.
R. A. Goodling, FmHA State Director, said the agency is prepared to implement the recently-enacted law by guaranteeing up to 80 percent of possible loss on loans made by legally organized lenders to livestock and poultry producers.
Under terms of the act, the loan guarantee program will be in effect through July 25, 1975. It may be extended for 6 months beyond that date if the Secretary of Agriculture determines that it is needed to help the livestock industry obtain sufficient credit.
THE LAW calls for loans to be made by banks or other legally organized lenders. Goodling said producers are urged to make applications to, and complete loan arrangements with lending institutions. The lender in turn will ask FmHA for a loan guarantee if one is required. The lender will process the applications, close the loan and service it.
The maximum loan to any single borrower that can be assisted by an FmHA guarantee is $250,000. Loans
96.4%