The Farmers Home Administration provided more than $24,718,190 in loans and grants in Utah for farming, housing, community facilities and business development during fiscal 1990, according to E. Lee Hawkes, Utah FmHA director.
Hawkes said FmHA's role "is to supplement local credit sources by providing guarantees for their loans or to make loans to borrowers who cannot qualify for commercial credit."Nationwide, he said, FmHA provided more than $5.2 billion through 80,500 loans and grants during fiscal 1990, including $2.2 billion for farming, $2.25 billion for rural housing, $708 million for community facilities and $104 million for business development.
In Utah this past fiscal year, FmHA made 164 loans amounting to $10,153,990 to help the state's farmers. Hawkes said the bulk of these loans went for short term operating purposes.
Under the agency's rural housing program, lending amounted to more than $9,690,200 through 325 loans. Nearly 320 of these loans - totaling $6.5 million - provided single family homes for low-income families. An additional $2.9 million was made available for rental housing which provided more than 75 apartments for rural residents.
"The mission of FmHA is to strengthen the rural economy and help maintain a healthy environment for people to enjoy," Hawkes said.