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TeachMeFinance.com - explain Recourse loan program Recourse loan program The term 'Recourse loan program ' as it applies to the area of agriculture can be defined as ' Under the FAIR Act of 1996, recourse loans are available to producers of high moisture corn and seed cotton, dairy processors, and sugar processors. The commodity is pledged as security, but in contrast to nonrecourse loans, the borrower must repay the loan with interest within a specified period. The recourse loan program for butter, nonfat dry milk, and cheese begins in 2000. Loans for sugar are recourse when the tariff-rate import quota is below 1.5 million short tons. However, such loans revert to nonrecourse status if the tariff-rate quota is equal to above 1.5 million short tons. The honey recourse loan program and the mohair recourse loan program are authorized for 1998 production only'. Previous 5 Terms: Recombination Recommended dietary allowances (RDAs) Reconnaissance Code Record Event Report Recoupment Next 5 Terms: Recoverability Recoverable coal Recoverable proved reserves Recoverable reserves Recoverable reserves, estimated recoverable reserves(coal) About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.