DEPARTMENT OF AGRICULTURE


to farmer cooperative-purchasing associations. Also through
the Farm Credit Admmnstration. cooperative farm credit
institutions are filling farmers' credit needs from coast to
coast. These agencies form a complete and flexible system
that provides long-term mortgage loans to help farmers
purchase farms or ranches, or to refinance their debts. They
provide short-term operating loans to carry on all types of
livestock operations, to purchase equipment, repair and
alter buildings. and meet a variety of other farm expenses.
And when groups oIf farmers buy supplies or sell their pro-
ducts through cooperatives, their associations also can
obtain the credit they need cooperatively

 About 1,000,000 farmers and stockmen have loans from
these cooperative credit institutions amounting to more
than S.000000.000, and approximately 1.400 of their co-
uperatn(e have loans totalling SSO.000.O00
 Farmers obtain long-term farm mortgage loans from
their local national farm loun) associations, and purchasing,
marketing, and business service associations borrow from
the banks for cooperatives.

 During the past several years the Farm Credit Admlnis-
ratiion's big task has been refinancing existing farm debts.
A major problem has been that of assisting young and
middle-aged men to become owners of the farms they wish
to operate Members of cooperative production credit
associlttions have found the following credit advantages:

 1. Substantial savings in paying cash for feed, seed.
fertilier. livestock and machinery

 2. Maturities Iare arranged for the tlnll or times when
 the fa mer will have funds from the sale of crops. milk. or
 Livestock with which to pay.

 3. Interest at the rate of 5,, is charged only on the
actual ailmounll and for the exac time outstanding.


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