Applications for emergency farm loans for damages and losses caused by Drought, above-normal temperatures, and associated wildfires on January 1, 2009, and continuing are being accepted at the Farm Service Agency (FSA) office located in Hamilton County, D. Dale Vann, Sr. said today.
Mason is 1 out of 170 counties in Texas recently named by Secretary of Agriculture Tom Vilsack eligible for loans to cover part of actual production losses resulting from the damages and losses caused by drought.
D. Dale Vann, Sr. said farmers may be eligible for loans of up to 100% 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.
“As a general rule, a farmer must have suffered at least a 30 percent loss in production to be eligible for an FSA emergency loan,” D. Dale Vann, Sr. said. Farmers participating in the Federal Crop Insurance program will have to figure in proceeds from those programs in determining their losses.
“Applications for loans under this emergency designation will be accepted until December 28, 2009, but farmers should apply as soon as possible. Delays in applying could create backlogs in processing and possibly over into the new farming season,” D. Dale Vann, Sr. Said.
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 a substantial part of their living. Eligibility is extended to individual farms who meet U.S. citizenship requirements and to farming partnerships, corporations or cooperatives in which U.S. citizens hold a majority interest.
The FSA office in Hamilton, Texas is open from 8:00 a.m. to 4:30 p.m., Monday through Friday.