Emergency Farm Loan Applications
Applications for emergency farm loans for damages and losses caused by drought that occurred on Jan. 1, 2008 and continuing, are being accepted at the Farm Service Agency office located in Stanton, according to Randall Milloy. Glasscock, Martin, Midland, and Howard Counties are eligible for loans to cover part of actual production and physical losses resulting from the drought.
In addition, Glasscock and Howard counties are eligible for loans to cover part of actual production and physical losses resulting from fires and high winds, Milloy said.
Milloy said farmers may be eligible for loans of up to 100 percent of their 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. Generally, a farmer must have suffered at least 30 percent loss of the production to be eligible. 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 Jan. 15, 2009 for fire and high wind damage and until Feb. 27, 2009 for drought damage, but farmers should apply as soon as possible, Milloy said. The Stanton FSA office is open from 8 a.m. – 4:30 p.m. Monday through Friday.