Loans for crop farmers
PA Wellington The Government will provide Rural Bank finance for farmers whose crops have been hit by the poor harvesting season. Mr R. L. Talbot, Undersecretary of Agriculture and Fisheries, said yesterday that some farmers’ cropping income had been so reduced that they were facing severe liquidity problems. Crops in South Canterbury and Mid-Canterbury had been hit badly by an unusually wet and sunless March. The loans will carry interest at 8.5 per cent, rebated to 6 per cent for the first three years, and 7.5 per cent for the second three years. The term of the loans will be flexible, depending on the financial position of the farmer.
“An interest-only period of up to two years may be given where there is doubt about short-term viability,’’ said Mr Talbot.
In particularly severe cases interest might be deferred for the first two years.
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Press, 19 April 1979, Page 1
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147Loans for crop farmers Press, 19 April 1979, Page 1
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