A bill to amend the Consolidated Farm and Rural Development Act to provide an economic emergency loan program for farmers and ranchers suffering from a general tightening of agricultural credit and an unfavorable relationship between production costs and prices received for agricultural commodities.

Summary

Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to make economic emergency real estate and operating loans to individuals, corporations, and partnerships directly engaged in agricultural production, provided that: (1) they have experience and resources necessary to assure a reasonable prospect for successful operation with the assistance of such loans; and (2) they are unable, for a temporary period, to obtain sufficient credit from their normal credit sources to finance their actual needs at reasonable rates and terms due to a general tightening of agricultural credit and an unfavorable relationship between production costs and prices received for agricultural commodities.

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1 official file

• Introduced in Senate

  summary · EN · 10 February 1978

  Open at official source

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