More than 90 loans to farmers approved

Press, Volume CXI, Issue 32797, 23 December 1971, Page 12

More than 90 loans to farmers approved

Ninety-three applications for loans under the sheepfarmers supplementary finance scheme had been approved by seasonal financiers in the Canterbury area between the Waitaki and Conway rivers, the chairman of the Canterbury regional review committee set up under the scheme, Mr A. F. Wright, said last evening.

Another eight applications had been referred to the review committee, which had rejected seven because they did not come within the rules.

Mr Wright said it was believed that there were more applications pending. It was quite obvious, he said, that the recentlyannounced sheep retention scheme had placed some farmers in a position where they would not qualify for

assistance under the supplementary finance scheme. Loans of up to $3OOO are available under the supplementary finance scheme to farmers who are forecasting a deficit for the current financial year. They will be subject to adjustment at June 30 next year in the light of financial results for the year and the loan then determined

will be interest-free until June 30, 1974. The purpose of the scheme is to ensure that sheepfarmers who have shown that they need financial assistance will have sufficient funds to meet normal seasonal expenditure, including contractural principal repayments, it these cannot be reasonably deferred.

With Mr Wright on the regional review committee are also Mr A. F. Cassie, district appraiser of the State Advances Corporation, and Mr A R. Dingwall, fields superintendent of the Department of Agriculture.

The functions of such committees include determining the eligibility of farmers for assistance under the scheme if the seasonal financier is in doubt, and also considering appeals against adverse decisions of the seasonal financiers.