Applications for emergency farm
loans for losses and damages caused by drought November 1, 2013 and continuing
are being accepted at the Farm Service Agency (FSA) office located in Vernon,
Texas, FSA Farm Loan Manager, Kelley R. Boone said today.
Archer,
Baylor, Clay, Jack, Knox, Montague, Wichita, Wilbarger and Wise are nine
counties in Texas recently named by the Secretary of Agriculture to be eligible
for loans to cover part of actual production and/or physical losses
resulting from drought from November 1, 2013 and continuing.
Kelley R. Boone
said farmers may be eligible for loans of up to 100% of their actual losses or
the operating loan needed to continue the agricultural business, whichever is
less. For farmers unable to obtain
credit from private commercial lenders, the interest rate is 3.75 percent.
“As a general rule,
a farmer must have suffered at least a 30 percent loss of production to be
eligible for an FSA emergency loan”, Kelley R. Boone said. Farmers participating in the Federal Crop
Insurance program will have to consider proceeds from those programs in
determining their loss.
“Applications for
loans under this emergency designation will be accepted until September 15,
2014 but farmers should apply as soon as possible. Delays in applying could create backlogs in
processing, with possible delays into the new farming season”, Kelley R. Boone
said.
FSA is a credit
agency of the U.S. Department of Agriculture.
It is authorized to provide disaster emergency loans to recognized
farmers who work at and rely on farming for a substantial part of their
living. Eligibility is extended to
individual farmers who meet U.S. citizenship requirements and to farming
partnerships, corporations, or cooperatives in which U.S. citizenship
requirements are met by individuals holding a majority interest.
Additional Information regarding
Disaster Assistance Programs may be found online at http://disaster.fsa.usda.gov.