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 (CCC) borrowing interest rate, and matured not later than 9 months following disbursement.
This article incorporates public domain material from the Congressional Research Service document "Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition" by Jasper Womach.