Applications for emergency farm loans for losses caused by drought, excessive heat, high winds, and wildfires are being accepted at the Farm Service Agency (FSA) office located in Clarendon, Farm Loan Manager Tonya Watson said today.
Donley and Armstrong Counties are just two of 131 counties in Texas recently designated by the Secretary of Agriculture as eligible for loans to cover part of actual production and/or physical losses resulting from the drought, excessive heat, high winds and wildfires.
Tonya Watson 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 crop production or suffered any physical loss to be eligible for an FSA emergency loan under this disaster designation”, Watson said. Producers participating in the Federal Crop Insurance program will have to consider proceeds received by producers as a result of the physical loss will have to be considered in determining their total loss.
“Applications for loans under this emergency designation will be accepted until September 04, 2012, but farmers should apply as soon as possible,” Watson said.
The FSA office in Clarendon is open from 7:30 a.m. to 4:30 p.m., Monday through Friday.
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