Guam § 60302 - Classes of Loan.

§ 60302. Classes of Loan.

The following classes of loan are hereby established in

granting loans:

(1) Class A - Improvement of farm lands:

(a) Improvement of far lands;

(b) Purchases, construction or improvement of

essential non-residential buildings on farm lands.

(2) Class B - Farm operating loans:

(a) Farm operating loans. To carry on and improve

a farming, manufacturing or fishing operation, including

but not limited to:

(1) Purchase of farm and fishing equipment,

and livestock.

(2) Payment of production, harvesting and

marketing expenses including materials, supplies,

labor and services.

(3) Loans for manufacturing, establishing and

developing agricultural products and processing

plants, using products grown on Guam as the

principal ingredient.

(b) Emergency loans. To provide immediate relief

and rehabilitation to qualified farmers and fishermen as

follows:

(1) In areas stricken by extraordinary

rainstorms, winds, drought, tidal wave or other

natural catastrophe.

(2) On farmlands stricken by livestock disease

epidemic and crop blights.

COL1/11/2022