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Business Sources
The renewal fee price is set annually by Rural Development in a notice printed within the Federal Register. The rate in effect at the time the mortgage is made will stay in effect for the life of the mortgage. Payments not obtained by April 1 are considered delinquent and, at the Agency’s discretion, may end in cancellation of the guarantee to the lender. Commercial nurseries, forestry and aquaculture operations are eligible without these restrictions. The lender’s analysis must address any financial or different credit weaknesses of the borrower and project and discuss risk mitigation requirements. Collateral will need to have documented worth sufficient to protect the interest of the lender…