Emergency Farm Loans Available
Applications for emergency farm loans for damages and losses caused by excessive snow, freeze and frost that occurred April 6, 2007 through April 8, 2007 are being accepted at the Farm Service Agency office located in Stanton, according to Randall Milloy.
Glasscock, Howard, Midland and Martin counties are among the 40 Texas counties eligible for these loans. Milloy said farmers may be eligible for loans of up to 100 percent of actual losses or the operating loan needed to continue the agriculture business, whichever is less. For farmers unable to obtain credit from private commercial lenders, the interest rate is 3.75 percent.
He said generally, one must have suffered at least 30 percent loss of production to be eligible for such loans. Those participating in the Federal Crop Insurance program will have to consider proceeds from those programs in determining their loss.
Applications will be accepted until March 31, 2008, but he said farmers should apply as soon as possible. The FSA office in Stanton is open from 8 a.m. to 4:30 p.m., Monday through Friday.