State Executive Director, John R. Whitaker, announced that farm operators who have suffered major forage/crop production and/or physical losses caused by severe storms, hail and flooding occurring May 15, 2009, through July 31, 2009, 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, in 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 farming operation. Examples of property commonly affected include essential farm buildings, fixtures to the real estate, equipment, livestock, perennial crops, fruit and nut bearing trees, and harvested or stored crops.
Applicants must be unable to obtain credit from other usual sources to qualify for the Farm 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 schedule for repayment up to 40 years.
The final date for making applications is April 29, 2010.