CODE OF VIRGINIA

LOANS (§ 3.2-504)

The Governor or his designee may approve a loan to any farmer who has suffered
the effects of a major disaster upon the recommendation of the Commissioner and
subject to the following terms and conditions:

   1.  The assistance provided for in this section shall not be extended unless
   the farmer has applied for and received approval for a loan exceeding the
   amount requested pursuant hereto from any federal agency providing disaster
   relief loans. Upon approval of a loan by such federal agency, the Governor or
   his designee may approve a loan not to exceed $ 10,000.

   2.  The loan shall be available only for operating expenses for the farming
   operation.

   3.  No interest shall be charged for the loan.

   4.  Repayment shall be made within one year or upon receipt of loan funds from
   any federal agency providing disaster relief, whichever is sooner. The
   Department may require the farmer to provide sufficient security or to make
   provision for direct payment from federal lending agencies of the entire
   amount of the loan made pursuant to this chapter as a condition of granting
   the loan.

   5.  A maximum of $ 10,000 may be loaned any one farmer. The Governor at his
   discretion may reduce or increase the maximum amount of the loan.

   6.  The availability of loans provided for in this section shall be based on
   and subject to the moneys accumulated in the Farmers Major Disaster Fund
   established in § 3.2-506.

HISTORY: 1978, c. 837, § 3.1-22.18; 2008, c. 860.