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ASCS Interest
Rate Reduced
There have been several changes in the storage structure and commodity loan programs that make the programs more responsive to the needs of farmers, by encouraging on the farm storage.
The interest rate on storage structures and drying equipment loans has been reduced to 7 per cent for the life of the loan. In the past years, the interest rate has been subject to an adjustment every six months. Loans can now be made on 85 per cent of the eligible cost of a storage structure, which may also include the cost of concrete work and electrical wiring.
The commodity loan program has also undergone some changes; the most notable being the reduction of the interest rate from 7‘/a per cent to 6 per cent. This 6 per cent interest rate is effective April 1, 1977 and will remain in effect for the life of the loan.
Now is the time to be planning for your storage needs. Contact the Rappahannock County ASCS Office for further details concerning the above mentioned loan programs.
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