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07/06/2011 09:20 AM EDT
For Immediate Release
July 1, 2011
U.S. Department of Agriculture, Florida Farm Service Agency
PO Box 141030
Gainesville, Florida 32614-1030
http://www.fsa.usda.gov/vi
July 1, 2011
U.S. Department of Agriculture, Florida Farm Service Agency
PO Box 141030
Gainesville, Florida 32614-1030
http://www.fsa.usda.gov/vi
USDA Announces Commodity Credit Corporation Lending Rates for July 2011
WASHINGTON, July 1, 2011 – The U.S. Department of Agriculture's Commodity Credit Corporation (CCC) today announced interest rates for July 2011. The CCC borrowing rate-based charge for July 2011 is 0.125 percent, down from 0.250 in June 2011. For 1996 and subsequent crop year commodity and marketing assistance loans, the interest rate for loans disbursed during July 2011 is 1.125 percent, down from 1.250 in June 2011.
In accordance with the 2008 Farm Bill, interest rates for Farm Storage Facility Loans approved for July 2011 are as follows, 2.375 percent with seven-year loan terms, down from 2.625 in June 2011; 3.000 percent with 10-year loan terms, down from 3.250 in June 2011 and; 3.250 percent with 12-year loan terms, down from 3.500 percent in June 2011. The interest rate for Sugar Storage Facility Loans for July 2011 is 3.625 percent, down from 3.750 in June 2011.
The maximum discount rate applicable for July 2011 for the Tobacco Transition Payment Program is 5 percent, unchanged from June 2011. This is based on the 3.250 percent prime rate plus 2 percent, rounded to the nearest whole number.
Past monthly releases announcing interest rates charged by CCC on commodity and marketing assistance loans disbursed for that particular month reflect the interest rate the U.S. Treasury charged CCC for that month. This was the interest rate specified by CCC since Jan. 1, 1982, but the process of establishing the interest rate was changed by a provision of the Federal Agriculture Improvement and Reform Act of 1996 (the Act), enacted on April 4, 1996.
Section 163 of the Act requires that monthly interest rates applicable to commodity and marketing assistance loans are to be 100 basis points — or 1 percent — greater than the rate determined under the applicable interest rate formula in effect on Oct. 1, 1995. This formula resulted in a rate equivalent to the amount the U.S. Treasury charged CCC for borrowing, for the month.
Further program information is available from USDA Farm Service Agency's (FSA) Financial Management Division at (703) 305-1386.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write to USDA, Assistant Secretary for Civil Rights, Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, S.W., Stop 9410, Washington, DC 20250-9410, or call toll-free at (866) 632-9992 (English) or (800) 877-8339 (TDD) or (866) 377-8642 (English Federal-relay) or (800) 845-6136 (Spanish Federal-relay). USDA is an equal opportunity provider and employer.
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