Loan purposes.

CFR · 2024-01-01 · US · Title 7

(a) (i) Payment of costs associated with reorganizing a farm to improve its profitability; (ii) Purchase of livestock, including poultry, and farm equipment or fixtures, quotas and bases, and cooperative stock for credit, production, processing or marketing purposes; (iii) Payment of annual farm operating expenses, examples of which include feed, seed, fertilizer, pesticides, farm supplies, repairs and improvements which are to be expensed, cash rent and family subsistence; (iv) Payment of scheduled principal and interest payments on term debt provided the debt is for authorized FO or OL purposes; (v) Other farm needs; (vi) Payment of costs associated with land and water development for conservation or use purposes; (vii) Refinancing indebtedness incurred for any authorized OL purpose, when the lender and applicant can demonstrate the need to refinance; (viii) Payment of loan closing costs; (ix) Payment of costs associated with complying with Federal or State-approved standards under the Occupational Safety and Health Act of 1970 (29 U.S.C. 655, 667). This purpose is limited to applicants who demonstrate that compliance or non-compliance with the standards will cause them substantial economic injury; and (x) Payment of training costs required or recommended by the Agency. (2) Loan funds under a line of credit may be advanced only for the following purposes: (i) Payment of annual operating expenses, family subsistence, and purchase of feeder animals; (ii) Payment of current an

official document · source cfr-2024 · id 7:§ 762.121