authority to insure or guarantee loans

authority to insure or guarantee loans Sec. 202. The Secretary of Agriculture may insure or guarantee loans to (1) bona fide farmers and ranchers who are primarily and directly engaged in agricultural production and who are citizens of the United States and (2) farm cooperatives and private domestic corporations and partnerships that are primarily and directly engaged in agricultural production and in which a majority interest is held by members, stockholders, or partners, as applicable, who themselves are citizens of the United States and are primarily and directly engaged in agricultural production, if the applicant for such loan— (A) has the experience or training and resources necessary to assure a reasonable prospect for successful operation with the assistance of such loan; (B) needs such credit in order to maintain a viable agricultural production operation; and (C) is unable at the time the loan application is filed to obtain sufficient credit from normal credit sources to finance actual needs at reasonable rates and terms due to national or areawide economic stresses, such as a general tightening of agricultural credit or an unfavorable relationship between production costs and prices received for agricultural commodities. 92 STAT. 430 As used in this title, the term “agricultural production” shall include aquaculture; and the term “Secretary” shall mean the Secretary of Agriculture.