The Honey Recourse Loan Program was a program authorized by the emergency provisions of the FY1999 USDA appropriations act (P.L. 105-277) that made recourse loans based on a national average rate of $0.56 per pound on 1998-crop honey. Final date to obtain a loan was May 7, 1999. The producer-owned honey was required to be merchantable and stored in acceptable containers. Loans carried an administrative fee of $0.009 per pound, bore an interest rate 1% higher than the Commodity Credit Corporation

Commodity Credit Corporation

The Commodity Credit Corporation is a wholly owned government corporation created in 1933 to "stabilize, support, and protect farm income and prices"...

(CCC) borrowing interest rate, and matured not later than 9 months following disbursement.