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FSA to offer emergency loans

July 5, 2013
Traer Star-Clipper

Farm Loan Manager, Jon Northrup, announced that family farmers with qualifying production and physical losses caused by severe storms, straight-line winds, and flooding from April 17, 2013 through April 30, 2013 may be eligible for an emergency loan. Applications for assistance should be completed at the Tama County Office located at 102 Hwy 30 West, Toledo, IA.

"This Presidential Major Disaster Designation for Tama and Benton counties has been issued as a contiguous disaster county, thus making producers eligible for emergency loans", said Jon Northrup.

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 real estate, equipment, livestock, perennial crops, fruit and nut bearing trees and harvested or stored crops. For production loss loans, the disaster yield must be at least 30 percent below the normal production yield of the crop, on a crop or crops that make up a basic part of the total farming operation.

Applicants 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 2.250%. Each applicant applying for credit will be given equal consideration without regard to race, creed, color, marital status or national origin.

The repayment schedule for most disaster loans are based on the useful life of the security, the applicant's repayment ability, and the type of loss. 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 January 31, 2014.

For more information on these and other FSA programs, please contact us at 641-484-2701 phone number or visit FSA on-line at www.fsa.usda.gov.

 
 

 

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