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The Fanners Home Administration (FmHA) is authorized by the Agricultural Credit Act of 198? (Public Law 100-233) to set aside; funds for farm ownership loans to eligible members of socially disadvantaged groups who will operate family-sized farms.
A socially disadvantaged group is one whose members have been subjected to racial or ethnic prejudice because of their identity as members of a group without regard to their individual qualities.
Loans are made for the purchase of a farm. Proceeds may be used for initial purchase of a farm or to enlarge the existing farm already owned. The loan is made at an inter-; est rate of five percent for those applicants who meet the eligibility' requirements for a farm ownership or operating loan but, due to low in-; come, cannot pay the regular inter-, est rate, which is 8.25 percent. The applicant/tarmer who qualifies for the lower interest rate as a limited resource farmer may have more complex situations in their farming., operation which require special help- ' and more supervisory assistance from various resources, including* FmHA, t6 assure a reasonable.; chance of success.
The FmHA is a rural creditagency of the U.S. Department ofAgriculture providing over 50 years, of service to the rural area. FmHA, is an Equal Opportunity Lender.; Applicants desiring assistance should contact their local FmHA of-j. fice at 604 S. Main St., Culpeper, Va. or by phone at 703-825-4200 or Herman Lundy, Chief, Farmer Programs Division at 400 N. Eighth St.I Federal Bldg., Room 8213, Rich- • mond, Va. 23240 .
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