Farmers' Loans
Reach New High
Inland Empire Farmers Gtt
Production Loans
From Bank.
SPOKANE, July 18.—Production
loans totaling $26,541 were approved last week by the Federal
Intermediate Credit bank of Spokane for applicants to the Interstate Production Credit association of Spokane, which was set up
this spring to serve the farmers
and stockmen of Adams, Grant,
Lincoln, Spokane, Stevens, Pend
Oreille, Boundary, Bonner, Kootenai, Benewah and Shoshone counties in eastern Washington and
northern Idaho.
The week's approvals bring the
total commitments made to growers through the Interstate PCA to
a total of $157,536, according to
D. A. Roper, secretary-treasurer
of the local association.
Many Loans Approved,
A total of $7,084,873 in loans
had been approved through the
31 PCAs in the four Pacific north-
west states as of June 30, according to a report received by the
association from the farm credit
administration headquarters at
Spokane. These loans were made
to 2530 farmers and livestock men.
In Washington, 1140 loans had
been approved for a total of $3,-
370,986.
Business of the Interstate PCA
has received an added impetus
the last two weeks by transfer
on a purchase-for-investment basis of about $282,216 of loans from
the Regional Agricultural Credit
corporation. Farmers and stockmen whose notes have been so
purchased by the association are
not required to buy stock in the
PCA unless they desire to renew
or extend their, loan, Mr. Roper
pointed out.
Local Contact.
"However, the borrower is benefitted by having supervision of his
note brought close to home under
the management of the board of
farmer-directors of the association," he said.
"Too, the borrower is being
given an opportunity to establish
his credit with the association,
which will mean a big saving in
time and greater surety of success to him when he turns to the
association to borrow at some future date."