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Friday, July 1, 2016

Farmers eligible for emergency loans

Tuesday, January 31, 2006

Farm Service Agency State Executive Director Derryl McLaren has announced that farm operators who have suffered major forage/crop production and/or physical losses caused by drought occurring Jan. 1, 2005 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 Ave., Storm Lake.

The Farm Service Agency 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 farm operation.

Applications must be unable to obtain credit from other usual sources to qualify for the Farm Service Agency Farm Loan Program assistance. The interest rate for the 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 of the 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 up to 40 years.

The final date for making applications is July 14, 2006.

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