FSA accepts applications for emergency farm loans
Houston County Courier
Applications for emergency farm loans for losses caused by wildfires beginning on Aug. 30 are being accepted at the Farm Service Agency (FSA) office located in Franklin, Nathan P. Philipello, Farm Loan Manager, announced Wednesday, Sept. 28. Houston, Leon, Brazos, Freestone, Limestone, Madison, Robertson and Walker Counties are eight of 28 in Texas recently named by President Obama as eligible for loans to cover part of production and physical losses resulting from the wildfires beginning on Aug. 30. Philipello 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 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”, Nathan P. Philipello 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 May 16, 2012 but farmers should apply as soon as possible. “Delays in applying could create backlogs in processing, with possible delays into the new farming season”, Philipello said. The FSA office in Franklin is open from 8 a.m. to 4:30 p.m., Monday through Friday. Additional Information may be found online at http://disaster.fsa.usda.gov.