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30 THE RURAL VOICE
FARM NEWS
FCC unveils
new program
Agriculture Minister John Wise
released details of a $700 -million
farm loan program announced in
the federal budget.
This innovative measure will tie
loan payments to the prices of
farm commodities. The new pro-
gram will be available to current
Farm Credit Corporation (FCC)
clients during the next two years,
starting April 1, 1986.
Under the program, farmers
with 40 per cent or less equity are
eligible for loans with an interest
rate of six per cent. Those with up
to 55 per cent equity would get a
rate halfway between the six per
cent base and the going FCC rate
for 10 -year, fixed -term mortgages.
Currently, this would be a little
over nine per cent.
Up to 5,000 farm owners could
be eligible under the program. The
measure will benefit farmers
unable to meet the repayment
terms of conventional loans. These
latter loans make no allowance for
years in which incomes drop
because of depressed commodity
prices. The new program will see
loan payments and the amount of
outstanding principal rise and fall
with the farmer's ability to pay.
The program will be evaluated at
the end of two years and a decision
made about whether it should be
continued and expanded to include
other farmers.
Mr. Wise said the government
has also taken steps to ease the
transition for those farmers whose
operations are not viable and who
must seek other work. The Cana-
dian Rural Transition Program
will offer such farmers job
counselling and retraining, as well
as interim financial help.
The Minister made it clear that
the moratorium he imposed last
September on FCC foreclosures
will be lifted only when the
commodity -based loans and rural
transition programs are up and
running.
He noted that the February 26
budget also extended to January 1,
1988, the three -cent -per -litre
federal tax rebate available to
farmers on gasoline and diesel fuel
for off-highway use.