TeachMeFinance.com - explain Mohair Recourse Loan Program
Mohair Recourse Loan Program The term 'Mohair Recourse Loan Program ' as it applies to the area of agriculture can be defined as ' A program authorized by the emergency provisions of the FY1999 USDA appropriations act (P.L. 105-277, October 21, 1998) that makes interest-free recourse loans of $2.00 per pound on mohair produced prior to October 1, 1998. Final date to obtain a loan is September 30, 1999. The producer-owned mohair used as loan security must be stored in approved bonded warehouses. Loans mature not later than 1 year following disbursement. The program is administered by the Farm Service Agency'.
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