Emergency farm loan applications accepted
Applications for emergency farm loans for losses caused by drought, above-normal temperatures and associated wildfires are being accepted at the Farm Ser vice Agency (FSA) office located in Marlin, Terri K. Trevino said today.
Falls, Bell, Milam and Williamson Counties are four of 191 in Texas recently named by Secretary of Agriculture Tom Vilsack eligible for loans to cover part of actual production and/or physical losses resulting from the drought, above-normal temperatures or associated wildfires.
Trevino said farmers may be eligible for loans of up to 100 percent of 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,” Trevino 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 Dec. 14, 2010 but farmers should apply as soon as possible. Delays in applying could create backlogs in processing, with possible delays into the new farming season,” Trevino said.
The FSA office in Marlin is open from 8 a.m. to 4:30 p.m., Monday through Friday.
Additional Information regarding Disaster Assistance Programs may be found online at http://disaster.fsa.usda.gov.