Emergency loan available from Farm Service Agency
"Farmers in Chase, Greenwood, Lyon, Marion, Morris, Wabaunsee, and Woodson counties, who suffered crop or livestock losses due to severe winter storms, heavy rains, and flooding occurring Jan. 4-6 may now apply for Farm Service Agency (FSA) emergency loans," FSA Farm Loan Manager Jane Armitage said.
Applications for assistance will be accepted by FSA until Oct. 11.
"Loans covering physical and/or production losses may be made at a 3.75 percent interest rate, and are scheduled for repayment as rapidly as feasible, consistent with the applicant's reasonable ability to pay," said Armitage.
FSA loans covering physical losses may be used to replace installations, equipment, livestock, or buildings (including homes), lost through this disaster.
FSA loans covering production losses may be used to buy feed, seed, fertilizer, livestock, or to make payments on real estate and chattel debts. "Funds can also be used for other essential operating and living expenses," Armitage said.
To be eligible for an emergency disaster loan, an applicant must be operating a family-size farm or ranch, must be unable to get credit elsewhere, and must have suffered a qualifying physical and/or production loss from the disaster.
Farmers who suffered at least a 30 percent reduction to at least one cropping enterprise, may have a qualifying production loss. Emergency disaster production loss loans cover 100 percent of qualifying losses. Loan availability is limited to $500,000 less the outstanding principal balance of any and all prior emergency loans.
