Big Thicket Messenger - September 2007
Applications for emergency farm loans for losses caused by severe storms, tornadoes and flooding that occurred from June 16 through August 3, 2007 are being accepted at the Farm Service Agency (FSA) office located in Bellville.
Liberty and Hardin counties are two of 78 in Texas recently named by President George W. bush eligible for loans of up to 100% 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 leaders, the interest rate is 3.75%.
“As a general rule, a farmer must have suffered at least a 30% loss of production to be eligible for an FSA emergency loan,” Respondek 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 April 28, 2008, but farmers should apply as soon as possible,” he said. “Delays in applying could create backlogs in processing, with possible delays in to the new farming season.”
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 substantial part of their living.
For more information, contact Respondek at (979) 865-3138, extension 2.