Under the emergency loan Procesador Automatico De Loteria Revision program of Farm Service Agency, farmers can avail loans only when they are unable to get credit from any other source such as private commercial lending agencies. In order to be eligible under this program, the applicant must be a U.S citizen or a permanent resident of the country. He must have a satisfactory credit report. These loans are provided to farmers at an affordable interest rate of 3.75 percent.
Supreme loans are high risk loans that are given to people who are having bad credit scores. But, these loans have been the culprits in shattering the dreams of many African-Americans.
According to the reports of National Urban League, the percentage of African-American homeownership that had increased to 50 percent in 2004 has slipped to 47.9 percent in 2006, mainly due to the increased rate of foreclosures.