There are many organizations, rural banks, cooperatives and non profit bodies, which help the rural population. The people living in the rural areas avail of loans or credit extended by these institutions. Rural credit is provided for many purposes.
One may avail of rural credit for purposes like:
- Improvement of crops
- For buying animals
- For repaying loans availed of previously.
- Rural credit is also availed of, for buying agricultural equipments as well as machinery.
- For purchasing merchandise
- Renovating or improving living conditions at home
- Enhancing productivity
The Federal Government in the United States of America, offers several rural credit programs. Some of the well known rural credit programs launched by the US Government include:
Rural credit for Business:
- Intermediary Re lending Program
- Business And Industry Guaranteed Loans
- Rural Economic Development Loans
In addition to the above rural credit programs, the Federal Government also extends several grants to the rural population.
Rural credit for Agriculture:
The Federal Government has many rural credit programs for the farmers too. There are many credit programs, which cater to the rural people depending on their needs.
Some of the programs are listed below:
- Socially Disadvantaged Farmers And Ranchers Loans
- Beginning Farmers And Ranchers Loans
- Guaranteed farm Loans
- Emergency Farm Loans
In addition to the above types of loans, there are Direct loans to cater to the needs of the farmers depending on their requirement.