USDA announces CCC lending rates for October 2018
WASHINGTON – The U.S. Department of Agriculture’s Commodity Credit Corporation, today, announced interest rates for October 2018. The CCC borrowing rate-based charge for October is 2.500 percent, up from 2.375 percent in September.
The interest rate for crop year commodity loans less than one year disbursed during October is 3.500 percent, up from 3.375 percent in September.
Interest rates for Farm Storage Facility Loans approved for October are as follows: 2.750 percent with three-year loan terms, the same as 2.750 in September; 2.750 percent with five-year loan terms, the same as 2.750 percent in September; 2.875 percent with seven-year loan terms, the same as 2.875 percent in September; 2.875 percent with 10-year loan terms, the same as 2.875 percent in September and; 3.000 percent with 12-year loan terms, the same as 3.000 percent in September. The interest rate for 15-year Sugar Storage Facility Loans for October is 3.000, the same as 3.000 percent in September.
The loan rates set forth by the CCC help to stabilize the incomes of America’s farmers and ranchers, and ensure their continued operations.
Visit https://www.farmers.gov for more information on loan eligibility, the application process or to find your local service center.
Former House Agriculture Committee Chairman Rep. Frank Lucas, R-Okla., and 80 of his colleagues last week introduced the Protect Farmers from the SEC Act.