State Executive Director Darryl J. McLaren announced that farm operators who have suffered major forage/crop production and/or physical losses caused by severe storms, tornadoes, and flooding that occurred May 19 and continuing, may be eligible for an emergency loan. Applications for assistance should be completed at the Buena Vista County FSA Office located at 1621 N. Lake Avenue, Storm Lake.
The Farm Service Agency (FSA) may make Emergency Loans to eligible family farmers which will enable them to return to their normal operations if they sustained qualifying losses resulting from natural disasters.
Physical loss loans may be made to eligible farmers to enable them to repair or replace damaged or destroyed physical property essential to the success of the farming opera-tion.
Examples of property commonly affected include: essential farm buildings; fixtures to the real estate; livestock; or loss to planted and unplanted crops. The actual physical loss for destroyed crops is the cost of cleaning debris, preparing for replanting, seed, fertilizer and other expenses necessary to rees-tablish crops. The applicant must provide an itemized list of all the claimed expenses incurred.
Applicants must be unable to obtain credit from other usual sources to qualify for the Farm Service Agency Farm Loan Programs assistance. The interest rate for emergency loans is 3.75 percent. Each applicant applying for credit will be given equal consideration without regard to race, creed, color, marital status or national origin.
Most disaster loans may be for up to seven years; however, if the loan is secured only on crops, it must be repaid when the next crop year's income is received. Loans to replace fixtures to the real estate may be scheduled for repayment for up to 40 years. The final date for making application is February 14, 2005.