Madison County Democrat. (London, Ohio) 19??-1958, 1951-10-12
New Law Aids
Madison County

! tNCW Low Nt0S
Madison County
Through the enactment of
Public Law 80, 81st Congress,
authority was provided for the
making of disaster loans to eligi-
bic farmers and stockmen in
areas designated by the Secretary
of Agriculture. The benefits of
this program are restricted to
areas that have suffered serious
production disaster as the re-
suit of drought, flood, storms, in
sect damage or some other nat
ural calamity, and where there is
need among the farmers of the
area for the credit which cannot
banks, cooperative lending instit-
utions or other responsible credit
sources to carry on their farming
and livestock operations.
The responsibility for the ad-
ministration of this program has
been delegated by the Secretary
of Agriculture to the Farmers
Home Administration.
In Ohio, the following counties
have been designated by the
Secretary of Agriculture as dis
aster counties; Adams, Athens,
Auglaize, Belmont, Brown, But
Ter, Chancnaign, Clark, Clermont,
Darke, Delaware, Fairfield, Fay
cite, Franklin, Gallia, Greene,
Guernsey. Hamilton, Hooking,
jackson, Lawrence, Licking, Log
an, Madison, Meigs, Mercer,
Miami, Monroe Montgomery,
Morgan, Muskingum, Noble, Per-
~, Pickaway, Pike, Preble, Ross,
Warren, and Washington.
According to CA. Gehrig, state
director of the Farm and Home
Administration each applicant
must certify that he has suffered
damage as the result of disaster
and that he is unable to obtainthe
loan applied for from other cred
it sources. Before a disaster loan
may be made, the County Comm
ittee, consisting of three farmers
in the courty, must certify in
writing that to the best of their
knowlege and belief the appli-
cant has suffered substantial
damage as a result Of the disas-
ter; that the applicant is unable
to obtain the loan applied for
from commercial banks, cooper
ative lending agencies or other
responsible sources; and that the
applicant honestly will endeavor
to carry out the undertakings and
obligations required of him under
the loan.
Loans may be made for the. fol-
lowing purposes: the purchase of
feed, seed, fertilizer, livestock
equipment to replace that des-
troyed by the disaster, or to meet
other essential farm and home
operating expenses or the replace
ment or repair Of buildings. fence,
on individual farms or for land
leveling ard clearing of debris
necessary as a direct result ofthe
disaster.
Disaster loans may not be made
to refinance Indebtedness either
secured or unsecured.
Disaster loans bear three per
cent interest on the unpaid prin-
cipal and will be scheduled for
repayment over the minimum
period of time consistant with the
borrowers ability to repay. Loans
secured by liens on chattel prop
erty are scheduled for repayment
within five years from the date
Of the advance, and disaster
loans made for crop production
purposes must be repaid when
the income derived from the sale
OF the crops produced is normally
received.
Disaster loans will be secured
for the full amount of the loan
and applications for disaster
oans may be made at the Farm
ers Home Administration office.
SO South Main Street, London, in
charge of Alvin w, Barr, County
Supervisor.