FmHA DOLES OUT $1 MILLION TO CAPE COUNTY RESIDENTS

JACKSON -- Residents of Cape Girardeau County received more than $1 million in loans and grants from the Farmers Home Administration during fiscal year 1993. Farmers, ranchers and prospective homeowners who were unable to obtain credit elsewhere took advantage of the FmHA funds to buy, repair, expand and improve properties.

The local office is located at 815 Highway 25 South in Jackson.

FmHA provided loans for single family homes for 20 low-income families in the county.

In fiscal year 1993, FmHA helped two moderate-income residents become homeowners through guaranteed housing loans for a total of $102,500. FmHA also guaranteed $150,000 in farm operating loans. During the past year, one farmer in Cape Girardeau County received direct loans from Farmers Home Administration for farm ownership expenses amounting to $126,700.

State Director William T. Shay says FmHA loans have several advantages. "Our guaranteed loans increase business for local banks and help stimulate local economies," he said. "Borrowers also make the transition to commercial credit more easily when they start out with a guaranteed loan."

FmHA also offer other programs that include direct and guaranteed soil and water loans and housing repair loans and grants.