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USDA Sets Repayment Interest Rates

WASHINGTON - Jul 1/10 - SNS -- The USDA's Commodity Credit Corporation (CCC) today announced interest rates for July 2010. The CCC borrowing rate-based charge for July 2010 is 0.375%, unchanged from June 2010. For 1996 and subsequent crop year commodity and marketing assistance loans, the interest rate for loans disbursed during July 2010 is 1.375%, unchanged from June 2010.

In accordance with the 2008 Farm Bill, interest rates for Farm Storage Facility Loans approved for July 2010 are as follows, 2.750% with seven-year loan terms, down from 3.000 in June 2010, 3.250% with 10-year loan terms, down from 3.625 in June 2010, and 3.500% with 12-year loan terms, down from 3.875% in June 2010. The interest rate for Sugar Storage Facility Loans for July 2010 is 3.750%, down from 4.125 in June 2010.

The maximum discount rate applicable for July 2010 for the Tobacco Transition Payment Program is 5%, unchanged from June 2010. This is based on the 3.250% prime rate plus 2%, rounded to the nearest whole number.

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