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16 by President Ford amended terms of the program established last year and extended its duration through December 31,1976. Major changes in the program are:
Farmers and ranchers assisted by guarantees must be primarily engaged in Agricultural production, and livestock operations must account for a substantial portion (at least 25 percent) of their gross income or time be devoted to livestock operations.
The limit on any one borrower’s guaranteed credit is raised to a $350,000 line of credit from the previous loan limit of $250,000.
The maximum guarantee to a lender is raised to 90 percent of principal and interest from a previous guarantee limit of 80 percent of loss.
Maximum term of a loan was raised to seven years, with a threeyear revewal permitted. Under the previous terms, loans could be made for three years, with a two-year renewal permitted.
THE amended Livestock Emergency Credit Act continues the previous guarantee authority for loans to farmers and ranchers in connection with the breeding, raising, fattening, or marketing of beef or dairy cattle, swine, sheep, goats, chickens, and turkeys. Interest rates are negotiated between borrowers and lenders.
Farmers and ranchers who may benefit from loan guarantees first apply to banks or other lending in
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