          
          
          
                 FEDERAL LOANS FOR YOUR FAMILY OR BUSINESS
          
               Are you eligible to receive government financial
          assistance?  If you should need such aid, in the form
          of a loan or loan guarantee, how and where can you
          apply?  While most people have heard of the SBA and FHA
          loan programs, many may not realize that there are
          other federal agencies that make or guarantee loans. 
          
          Housing Loans
          
               The Federal Housing Administration provides
          insurance of loans for purchase of 1 to 4 family
          dwellings, including mobile homes, and refinancing of
          indebtedness on existing housing.  They also have a
          program of financing for alterations, repairs and
          improvements to homes.  FHA loans are applied for
          through approved lenders such as banks and savings &
          loan associations.  They are not applied for directly. 
               There is another FHA -- the Farmers Home
          Administration -- under the Department of Agriculture,
          and many people are unaware of this second agency.  It
          will provide loans to construct, repair or purchase
          homes in open country and in rural communities of not
          more than 50,000 population.  Urban residents retiring
          to rural communities, as well as existing rural
          residents, may find that they are eligible. 
          Application should be made to the local FHA office --
          they will be found in most county seats. 
               One of the easiest programs to qualify for is the
          insured loan program of the Veteran's Administration. 
          Virtually all veterans are eligible, and if eligible,
          you will find that obtaining a loan through VA is much
          easier than any other program, and the terms are
          better.  Up to 95% of the price of the home can be
          financed. 
          
          Small Business Loans
          
               Many people are finding advantages in starting or
          buying a family business.  The program of the Small
          Business Administration is quite well known.  There are
          actually two separate programs, direct loans, and
          guaranteed loans made through local banks or other
          approved lenders.  The SBA is very short of funds at
          present, so direct loans are nearly impossible to
          obtain.  The bank guarantee program continues to grow
          however, and guarantees up to 90% of the amount lent by
          the bank. 
               SBA has also started a program of guaranteeing
          loans through commercial lenders, and the possibilities
          here are even better than at the banks.  In particular,
          contact The Money Store, which now has one of the
          largest SBA loan programs in the country.
               SBA also has disaster loans for small businesses
          in disaster areas, and economic opportunity loans for
          low-income people who can demonstrate good management
          skills.  These programs can also be arranged through
          banks, and it is a good idea to talk to both your bank
          and the SBA about the possibilities. 
               Businessmen or prospective business owners who are
          unable to get an SBA loan often do not realize that
          there are other federal agencies which make business
          loans. 
               The Farmers Home Administration has a program of
          business and industrial loans for projects located in
          towns of under 50,000 population; although preference
          is given to those in towns of under 25,000 population,
          rural communities, and open country. 
               The Economic Development Administration has a
          program of loans in areas which have been designated as
          economically depressed, and this actually covers a very
          large percentage of the country.  Preference goes to
          firms which will have an effect on increasing
          employment in the area, and these loans may be combined
          with SBA loans.  The interest rates are very low.  Full
          information may be obtained from the Economic
          Development Administration, Washington, D.C. 20230. 
          
          Education Loans
          
               Best known are the Federally Insured Student Loans
          which can be arranged through nearly any bank. 
          National Defense Student Loans must be arranged through
          the college or university being attended, but the
          Federally Insured Student Loans are also available for
          study at private trade schools and similar educational
          opportunities.  Repayment does not begin until after
          graduation. 
               Less known in the educational loan field are
          nursing study loans, arranged through the school, and
          medical study loans arranged the same way. 
               The Veterans Administration does not have a loan
          program, but does have educational grants (non-
          repayable) for veterans. 
               So before you decide that your dreams are beyond
          your means, it will pay you to look into all of the
          federal loan programs which might help your situation. 
          Often a combination of programs can do the trick, such
          as buying a home under an FHA loan, and then getting an
          SBA loan for a small business operated from your
          garage. 
          
          
          
