PAGE 16 THE YANCEY REC Oft D The basic objectives of Re creation Loans by the Farmers Home Administration are to assist eligible farm and ranch owners or tenants to convert all or a portion of the farms or ranches they own or operate to outdoor income-producing re creation enterprises. Loans to establish recreation enterprises are made to eligible applicants in order to supplement or sup plant their farm or ranch in come. To qualify for a FHA Rec - reation loan, the applicant must be an individual regular ly engaged in farming at the time he applies for the initial 72 Auto Loans at 71 Rates! The 72 models are out, but we’re still making car loans at 71 rates. Go ahead and buy a 72 model while manufacturers are holding the line on their prices. Then come to Northwestern. We’re holding the line on auto loan rates! THE NORTHWESTERN BANK Member FDIC OCTOBER 7, lft7l Farmers Home Administration News loan; be the manager and oper ator of the recreation enterprise after the loan is made; be un able with his own resources, or be unable to obtain suffiefent credit elsewhere, to finance his own actual needs at reasonable rates and terms, taking into consideration prevailing pri vate and cooperative rates and terms in the community in or near which he resides for loans for similar purposes and periods of time; be an applicant wlio does not hare a reliable income, including that of the spouse, which provides a net income equivalent to that of reasonably successful farm families in the area; be at least 18 years old and a citizen of the U.S. If the applicant has a relia ble income, including that of the spouse, which provides a net income equivalent to that of reasonably successful farm families in the area he does not qualify for a Recreation Loan because he is already suc cessfully established, except that a successfully established full-time farmer may qualify for a Recreation loan to con vert his total farming operation to a recreation enterprise. The applicant also must have the character, ability,and industry to carry out the pro posed operation and honestly endeavor to carry out the un - dertakings and obligations re quired of him in connection with the loan. The applicant should have the training and experience necessary to give reasonable assurance of success in the pro posed operation and if the ap plicant is a tenant, he should have a satisfactory written lease for a sufficient period of time and under terms that will enable him to obtain rea sonable return, on the improve ments made with the Recrea - tion loan. The interest rate on the un paid principal balance of the Recreation Loan is 5 percent annually. Loans secured by real estate or a lease hold will be scheduled for payment over a period not to exceed 40 years or such shorter periods as may be necessary to assure the loan is adequately secured. 4H CLUB WEEK SEPT. 30- OCT. 7