The Nation: SBA No!

A disastrous program

When the two-year drought first parched much of the country in 1976, farmers cried that unless Washington came to their rescue they faced financial ruin. Congress obliged by making the farmers eligible for easy-to-get, easy-to-repay loans under the Small Business Administration's disaster relief program. Now farmers in some areas are afflicted not by drought but by harvests so bountiful that prices have fallen. So back to the trough of federal aid they have come—in a stampede. They have made such a run on the SBA farm loans that administrators who...

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