Imperial Valley press., 1932-11-17
FEDERAL LOAN
ADVICE GIVEN
BY BEYSCHLAG


loans on feeder livestock are now
available at the Los Angeles Branch
of the Regional Agricultural Credit
corporation, according to word just
received by Frank Beyschlag, farm
advisor. The Los Angeles branch is
also accepting applications for dairy
loans on temporary forms. They
plan to start their dairy investiga-
tions and inspections in the next
few days, and doubtless they will
then develop special application
sorms for federal loans on dairy
cattle, he said. No information has
yet been received by the farm ad-
visor's office regarding federal crop
loans.
The following plan of operation
which has been set up for range
loans is thought by Beyschlag to
give some indication of the require
ments that are likely to be made on
dairy loans:
Range loans may be made for
one year with the privilege of re-
newal, subject to the approval of
the board of directors, it being the
intent of the corporation to renew
loans where the security is being
properly maintained.
There will be no definite sched-
ule of loan values. Each loan will
be considered on it's merit, giving
consideration to the condition and
quality of the livestock, the ranch
and range facilities of the appli-
cant, together with his moral and
financial standing. All loans made
by the corporation must be adequate
ly secured. 1t is not permissible to
grant any specific loan value or
real estate. However, we are au-
thorized to take real estate as Sc
curity, as additional or as mar
gin of security to the livestock.
"The interest rate has been fix
ed at seven per cent. This will in
clude the cost of inspection. The
filing fees and cost of title certifi-
cate will be the only expense
chargeable to the borrower. The
borrower will not be required to
subscribe for any stock in the cor
| poration.
Applications should be submitted
in duplicate. All questions should
be answered fully. SSign and date
both blanks and have the statement
verified by your banker, in the
space provided at the bottom OF
the application. If this cannot be
done, have your statement veri-
fled by one of the leading citizens
of your community.
"Please accompany your applica-
ton with statement as to the pre-
sent location of your livestock and
when it will be most convenient anc
economical for our representative
to make an inspection.
1.-THE terms and conditions fol
feeder loans are similar to the
range requirements with the fol
lowing notifications:
Feeder loans will be made fol
! the period of time necessary to fat
! ten the livestock, in no case to eX-
ceed eight months. Where an ap-
| plicant has sufficient feed to fat
ten the number of animals which
he desires to fatten, this company
will furnish him with the purchase
price based on prevailing market
conditions, plus the freight to the
feed lot The livestock and feed
will be included in the mortgage.
After the application has been
favorably acted upon in this Of
flee, and credit approved, drafts
will be furnished the borrower for
the purpose of paying for the live
stock when purchased.
Loans will be made only to eX-
perienced feeders, the amount OF
the loan made to each individual
borrower to be determined, or reg
ulated, in measure at least, by
his previous operations during a
period of three years. In other
words, if the feeder has handled
an average of three cars of live
/ stock per year for the past three
years, his present years operations
may not exceed this approximate
number.
"All applications for feeder loans
should be accompanied by a title
certificate from the county record
er of the county in which the ap-
plicant resides, upon which should
be shown any chattel and crop
mortgages
Sample application forms fol
loans on feeder livestock and fol
loans on range livestock may be
seen at the farm advisors office at
the court house at El Centro. The
office, however, has no supply oi
application blanks for distribution
Individuals can secure these by
writing to the Los Angeles branch
of the Regional Agricultural Credit
corporation.