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Thursday. April2S. 1974KINGSMOUNTAINMIRRORPage7B
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Credit
For The
F armer
Guaranteed loans by banks
' and other lending agencies are
' 'a new soid'ce of credit for
farmers who can not other
wise find financial assistance,
James W. McNeill, Jr., FmHA
County Supervisor for
Cleveland County, said today.
“FmHA is already offering
borrowers insured loans and
loans in which private tenders
and FmHA participate. We
are now adding guaranteed
farm loans made by banks and
other lending agencies,”
McNeilt explained.
Farmers who need credit
can appty for loans either
through the Farmers Home
Administration or through
banks. Federal Land Banks,
' 'co-ops, insurance companies,
or other private sources of
financing. The lending
organization makes and
services the loan.
Farmers Home Ad
ministration will repay
private tending institutions up
to 90 percent of any toss on a
guaranteed toan, but not more
than 90 percent of the original
principal. Farmers Home also
pays the bank the difference
between the borrower’s in
terest rate, and the curroit
FmHA guaranteed rate of
nine percent for emergency
> and operating loans, and eight
, percent for farm ownership,
soil and water, and recreation
toans. Lenders pay FmHA a
fee for each loan guaranteed.
FmHA borrowers are now
paying five percent interest
for farm ownership,
emergency, soil and water,
and recreation loans. Ihe
interest rate for operating
loans is six and three-fourths
percent.
McNeill also indicated that
a recent ruiing from the Office
of the Comptroller General,
Washington, D.C., was good
news for national banks that
participate in the FmHA
I ^ guarantee (rogram.
• * * .»“The ruiing jH-ovides that
‘ only the'non-guaranteed part"’
of any loan is charged against
the bank's tending limit,” he
said. “This means that, if 90
percent of a $75,000 farm
ownership loan is guaranteed,
only $7,500 of that loan will be
charged against the lending
limit."*
McNeill points out that the
applicant must meet the same
eligibility requirements for a
guaranteed loan as he would
for a regular FmHA loan of
f'. the same type. Interest rates
j ^ ^and repayment terms are the
^ ' same for guaranteed loans as
for conventional Farmers
Home loans.
, “In order to make the
guaranteed lending process
easier and faster, ap
plications, forms, and
statement are prepared by
j regular lenders,” he said.
TTie Farmers Home Ad-
|| ministration County Super-
^ visor has many loan programs
available for farmers and
other rural residents and rural
communities. Guaranteed
loans made by private lending
institutions is one more
method of helping the rural
I development activities of
Geveland County.
Interested parties may
either contact the FmHA
office or local banks.
Dr. McLeod
CODAP
Guest Talk
Dr. Johnnie McLeod,
director of Chtirlotte Drug
CODAF meeting at me
Cleveland County Office
building auditorium last night.
An outstanding leader in the
southeast in the field of drug
education. Dr. McLeod
covo-ed three main points in
problems, and the effective
use of adult group sessions in
understanding what youth
faces in the world of drugs.
,1c
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^ COOKING UP A
COOK OUT.?
SHOP WINN -DIXIE DURING
OUR BIG MEAT SALE!
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FROZEN FOOD
BIDS LOVE’EM
SAIUTO
PARTY PIZZA
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33 OZ.
PKG.
TASTE O' SEA BSEAOED
FLOUNDER
TASTE O' SEA FISH
KRUNCHEES ... 2
DIXIE THRIFTY 100°. PURE FLORIDA ORANGE
(OR SIX 6 oi CANS)
JUICE 3 ciSs M®*
FRESH FROZEN SLICED
STRAWBERRIES . 3 *1®®
SUPERBRAND SUPER WHIPPED WHIP
TOPPING 2 - M
ASSORTED FLAVORS COZY KITCHEN
CAKES - 99
ASSORTED FLAVORS MIGHTY HIGH CREAM
10-8 OZ. ^
SIZE BONE-IN
W.D. BRAND U.S. CHOICE
N.Y. STRIP STEAKS
PKG.
^989
W.D. BRAND U.S. CHOICE
BONELESS
TOP ROUND STEAK
199
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JENNIE O WHITE AND DARK
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LIMIT 1 WITH S7 50 FOOD ORDER OR MORE
BONELESS W.D. BRAND
U.S. CHOICE WHOLE
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HARVEST FRESH GOLDEN
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ARROW
BLEACH
W.D. BRAND U.S. CHOICE
BONELESS 10-8 OZ. SIZE
RIB EYE STEAKS
ASSORTED FLAVORS
THRIFTY MAID VIENNA
SAUSAGE 3
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PEACHES
KRAFT too®. PURE FLORIDA
ORANGE JUICE ...
WASHINGTON STATE RED DELICIOUS
APPLES • 29*
FLORIDA WHITE GRAPEFRUIT OR FLORIDA
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HARVEST FRESH CRISP
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HARVEST FRESH
CARROTS - 29*
SALAD
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SPIKES
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DIXIE THBIFTY BXIUBO COBN BBEAD
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PINEAPPLE 3 M®® BARS
THBIFTY MAID MIXED ARBOW 9" WHITE PAPER
VEGETABLES .... 4 M®® PLATES ....
THRIFTY MAID FRESH BLACKEVE THRIFTY MAID
MUSHROOMS ... 3 M®® CLEANER 79
THRIFTY MAID PINEAPPIE REYNOLDS ECONOMY
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LIMIT FOUR WITH $7.50 ORDER OR