Emergency Farm Loan Applications Being Accepted
Applications for emergency farm loans for losses caused by drought occurring from January 29, 2013 and continuing, are being accepted at the Farm Service Agency (FSA) office located in Bellville, TX.
Lee/Fayette Counties are two of 34 counties in Texas recently named by the Secretary of Agriculture, eligible for loans to cover part of actual production and/or physical losses resulting from the drought occurring from January 29, 2013 and continuing. Mr. Respondek said farmers may be eligible for loans of up to 100 percent 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 2.375 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,” Tim Respondek, Farm Loan Manager, 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 November 27, 2013 for production and physical losses, but farmers should apply as soon as possible. Delays in applying could create backlogs in processing, with possible delays into the new farming season,” Mr. Respondek 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.
The FSA office in Bellville is open from 8:00 AM until 4:30 PM Monday through Friday. Additional Information regarding Disaster Assistance Programs may be found online at http:// disaster.fsa.usda.gov.