The coastland times with which is combined the pilot and herald of Belhaven and Swan Quarter. [volume] (Manteo, N.C.) 1959-1973, 1961-10-06
AREA MEETING OF
FILA IN GOLDSBORO|
OCTOBER 2 AND 10
Farmers Home Administration To
Place New Credit ReguIa-
iions In Force

VAC "a OeeeATolt4A improvements III tAk'
supervised agricultural credit pro
lgram brought about by the Agricul
tural Act Of 1861, County Supervi
sor Daniel B. Willis said THU
week.
An area meeting is being SEIZED
Iuled at Hotel Goldsboro in Colds
boro, North Carolina, on Octber
land 10 with the Agency's field stat
to review the new regulations priol
to placing the program into effec
lon October 18th.
| Mr.. Willis said Melvin H. Hearn
State Director; Ralph Turner, Chic
Iof Program Operations; James o
Bunchanan; Locke Holland; Her.
imam Riggle; and Vance Swift, Staff
loan Officers, will be assisting him
in meeting with the group to ex.
plain the changes. Approximately
20 county and area offices will at
tend.
The expanded rural housing pro-
gram, under which owners of tracts
of non-farm land in small rural
communities as well as farmers
may apply for loans to build or re-
model homes, will also be discussed.
"Never in the history of the
Farmers Home Administration has
there been such an overall up
grading of the supervised agricul-
tural credit service" County Super
visor Willis pointed out. This will
Igive the thousands of farmers
whose equities have been wiped
out by the low net returns of re-
cent years an opportunity to obtain
needed financing.
"The credit improvements will
also mean much to those rural COM
murities that are fighting to regain
their economic strength through
the Rural Areas Development Pro-
gram. Farmers in those commune
ties will have greater access to
development and adjustment loans,
rural residents will have access to
credit for housing and domestic
water supply systems.
"The funds spent for improve
ment will spark rural businesses
and provide employment for car
|penters, electricians and other
workmen.
"The revised regulations reflect
the increasing capital needs of
farmers. The average investment
per farm has increased seven-fold
in the past 20 years, from $1,000 in
1910 to $41,923 in 1861"
Operating loans for equipment,
livestock, feed, seed, fertilizer and
similar items can now be made in
amounts up to $35,000. The pre-
vious limit was $4,000.
Loans to buy and enlarge farms
may now be made on any family
farm if the total Indebtedness on
the farm is not more that $50, 900
when the loan is closed. Previously
these loans had been limited to
farms whose value was no greater
than that of the average family
farm in the county.
Loans may now be made to
farmers with off-farm income to
buy and enlarge small farms. Pre-
viously such loans could be made
only on farms large enough to
support family without the aid
'of off-farm income.
Small loans for farm real estate
Improvement can now be made
without taking a mortgage on the
farm.
The authority to make real es-
tate loans solely for refinancing
has been placed on a permanent
basis.
Loans to groups of farmers for
the developemtn Of rural commune
ty water systems, irrigation and
drainage systems now have cell
ing of 100000 when made from
appropriated funds and 81 million
when insured loan funds are used.
The previous limit was $780, 900 on
both direct and insured loans.
Rural community water systems
may now be made to associations
serving farmers and rural residents
without the prior restrictions that
farmers be the main users of the
water supply system.
Emergency loans can now be
made to farmers who need credit
as the result of natural disaster
in areas where the disaster - such
as a flash flood - was not wide
spread enough to warrant an emer-
gency area designation.
"The increase in the operating
loan limits will enable the agency
to more adequately serve the cred
it needs Of family farmers" Mr..
Willis said. "The technical revolu-
ton has greatly increased the
amount of capital farmers have to
invest in their operations. Many
young farmers who are just getting
started, and established farmers
who need to make major adjust
ments in their operations will bene-
fit from the undermining Of this
lcredit regulation