Recourse Loan Program: Under the FAIR Act of 1996, recourse loans are available to producers of high moisture corn and seed cotton, dairy processors, and sugar processors. The commodity is pledged as security, but in contrast to nonrecourse loans, the borrower must repay the loan with interest within a specified period. The recourse loan program for butter, nonfat dry milk, and cheese begins in 2000. Loans for sugar are recourse when the tariff-rate import quota is below 1.5 million short tons. However, such loans revert to nonrecourse status if the tariff-rate quota is equal to above 1.5 million short tons. The honey recourse loan program and the mohair recourse loan program are authorized for 1998 production only.

 

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Recourse Loan Program: Under the FAIR Act of 1996, recourse loans are available to producers of high moisture corn and seed cotton, dairy processors, and sugar processors. The commodity is pledged as security, but . . . View Full Definition

Honey Program: Non-recourse marketing loans had long been available to support honey prices until FY1994, when the funding was suspended by provisions in annual appropriations legislation. The FACT Act of . . . View Full Definition

Personal Loan: Loans available from banks and other financial institutions to private individuals for personal use such as the purchase of a motor vehicle, holiday or similar item are personal loans. Repay . . . View Full Definition

Peanut Price Support Program: The federal program that supports the farm price of peanuts by offering price support loans to peanut growers and by placing limits on the amount of peanuts allowed to be sold for domestic f . . . View Full Definition