Displaying items by tag: financing

WASHINGTON — The U.S. Department of Agriculture is announcing a higher loan limit will be available for borrowers seeking a guaranteed farm loan starting Oct. 1, 2021, from $1.776 million to $1.825 million.

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ROCKINGHAM ― Mayor Steve Morris had a bit of paperwork to sign following a special meeting Thursday evening after the City Council approved a resolution to accept the conditions set forth by the USDA on a permanent financing loan for the Richmond Community College downtown campus.

The vote was unanimous with Councilman John Hutchinson giving his “aye” over the phone.

Larry Sampson, a loan specialist with the USDA, rapidly went over the conditions for the $6.75 million loan which the city will have to pay back over a 25-year period at 3.875 percent interest. Sampson said if interest rates decrease during the span of the loan, then the rate will also. However, the loan rate is locked at 3.875 percent and will not go any higher.

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