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loan at a commercial bank, the Federal Land Bank or Production Credit Association. This will mean the producer
might pay an interest rate that may be as much as 3 percent higher than that obtained from FmHA.
The FmHA funded direct production loans for 561 Virginia farmers in 1986. The average loan was for $30,000 for approximately six months with the crops or livestock being the collateral.
The FmHA has been the lender of last resort. In order to get a loan from FmHA, the farmer has to be having trouble getting a loan from othef sources.
The current change at the FmHA was made to try to lower the direct cost to the government. The change, which was mandated by Congress, lowers the FmHA’s capital needs.
86.4%