Honey Recourse Loan Program

The Honey Recourse Loan Program was a program authorized by the emergency provisions of the fiscal year (FY) 1999 United States Department of Agriculture (USDA) appropriations act (P.L. 105-277) that made recourse loans based on a national average rate of $0.56 per pound on 1998-crop honey. Final date to obtain a loan was May 7, 1999. The producer-owned honey was required to be merchantable and stored in acceptable containers. Loans carried an administrative fee of $0.009 per pound, bore an interest rate 1% higher than the Commodity Credit Corporation (CCC) borrowing interest rate, and matured not later than nine months following disbursement.

References

This article incorporates public domain material from the Congressional Research Service document "Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition" by Jasper Womach.

This article is issued from Wikipedia - version of the 6/25/2012. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.