. Commercial fisheries review. Fisheries; Fish trade. FEDERAL ACTIONS 21 Rural Loan Program includes Fisheries The Economic Opportunity Act of 1964 authorizes the Farmers Home Administra- tion (FHA), U. S. Department of Agriculture, to make loans to low-income farm and non- farm rural families who need small amounts to improve their earnings. These must be families living in the country, or in small towns of not over 5,500 population, with lim- ited resources and incomes too low to cover basic needs; unable to get a loan from other sources at reasonable terms and rates; and, in nonfarm cases,
. Commercial fisheries review. Fisheries; Fish trade. FEDERAL ACTIONS 21 Rural Loan Program includes Fisheries The Economic Opportunity Act of 1964 authorizes the Farmers Home Administra- tion (FHA), U. S. Department of Agriculture, to make loans to low-income farm and non- farm rural families who need small amounts to improve their earnings. These must be families living in the country, or in small towns of not over 5,500 population, with lim- ited resources and incomes too low to cover basic needs; unable to get a loan from other sources at reasonable terms and rates; and, in nonfarm cases, furnish evidence that the service or product is not being adequately supplied by others in the community. The loan to any one family may not ex- ceed $3,500--and is limited to need of fam- ily and reasonable ability to repay. Schedule of repayment is based on use made of loan and ability to repay. The loans can extend to 15 years under certain conditions. They are usually secured by a promissory note and a loan agreement. The interest rate is 4g percent a year on unpaid balance. Fishermen on Florida's west coast have obtained loans for small boats (20 foot) and outboard motors, nets, supplies, and many things connected with increasing their in- come from fishing. Loans will be accompa- nied by management assistance to help bor- rowers make a profitable use of their re- sources--including assistance in planning 4 i : "^ â . li â 1 \ ^l 'A / ^^*^' '^u^. I '-' ''"'.-::,^^fflB|HH ' '^ ' ^^^H^Hh â \^ â â '^^^^ farm or nonfarm enterprise, budgeting, and solving other management problems. FHA county offices will explain services available and way to prepare an application. Cooperatives Too May Borrow Small cooperatives serving low-income rural families may borrow from FHA (simi- lar to conditions for families). These co-ops must be controlled and operated for mem- bers' benefit. Two-thirds of the members must be low-income rural families. Early in 1966, a group of
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