Coulee City dispatch. [volume] (Coulee City, Wash.) 19??-19??, 1935-03-29
EMERGENCY CROP
LOANS READY SOON
Applicants Must Show Inability To
Obtain Credit From Other
Sources

Arrangements for making emer-
gency crop and live stock loans tc
Pacific Northwest farmers out OF
the $60,000,OO0 fund just appro-
propriated bp Congress are be-
ing completed with all possible
speed, it is announced by the re-
gional office at Spokane which
serves this territory
Application forms and regula
lions are being run off the press
at double speed for distribution to
county loan committees and every
effort will be made to close with
utmost dispatch after they have
been approved by the local commit
tees
Instructions received by the en-
Urgency loan division of the farm
credit administration at Spokane,
in charge of disbursing loan funds
out of the special appropriation,
specify that only farmers who are
unable to obtain supplies or feed
elstwhere, or the credit to- pur-
chase such items, will be financed,
Security will consist of first
lien on the crops financed or the
live stock to be fed. Tenants must
obtain a waiver from the landown-
er subordinating his interest in the
crops grown with loan proceeds
but this land owner is not obliga-
ted for repayment of such loan.
The interest rate will be 5 IL per
cent.
Although the maximum loa INTO
an individual farmer has been rails
ed to $500. no loan twill be made
for more than the ! actual cash
cost required for crop production
or feed purchasing. Loans for
product or purchase of live
stock feed will be Unite dto the
amounts required until the time
when the borrowers pasturage, for
age or grain crops are available.
and may exceed $40 per head
per month for horses and mules
$3.50 for cattle, SO cents for
sheep, 35 cents for goats, 81 for
hogs, and 81 per acre for forage
crops.
As in the past applications for
emergency crop and feed loans will
be made through county commit
tees already set up in most coun-
ties, with the county agent as see
rotary in most cases. An applica-
ton for loan of $500 or less may
b emade directly to the county
committee. However, if the ap-
plicant requires a loa nlarger than
$500, he must first get state
ment fro mhis local production
credit association showing his ap-
plication for a loan of approximate
ly the same amount has been re-
jected. In the case of fruit and
vegetable loans, the Ii limit is rails
ed to $500 before rejection from
a production credit association is
required. Production credit assoc
iations are permanent borrower
owned organizations making crop
and live stock loans on a. strictly
business basis to farmers who can
offer adequate collateral and have
a favorable credit standing.
Emergency loans will be made
only to farmers who are coopeart-
ing directly with the production
control program of the agricultur-
al adjustment administration, or
who are not proposing to increaes
their 1885 production in a way
detrimental othe success o fthis |
program.
"This fund is appropriated speci
tically for emergency purposes
General Agent A. G. Adams of the
farm credit administration of Spo-
kane points out, citing also that a
considerable part of the funds are
intended to assist farmers whose
operating resources have bee nder
pleted temporarily as a result OF
the drought last summer. The loan
may be used TO rsummer following
and for production and purchase
of feed for live stock, but not for
purchasing liev stock Or machinery
or paying taxes, debts, or interest
on debts.
Borrowers who obtain loans OF
500 or less will receive the loan
proceeds in one initial payment,
while loans in excess of 500 may
be paid in installments as required
to meet the expense of seed, feed,
fertilizer and other needs.