FSA says disaster loans are to be available to some

Tuesday, January 17, 2006

Nevada Daily Mail

Tim Kelley, state executive director, Farm Service Agency, announced effective Dec. 21, 2006, two counties in Missouri, Bates and Vernon, will have FSA disaster loans available due to severe storms, hail, high winds, tornadoes, lightning, excessive rain, flash flooding, and flooding which occurred from June 3, 2005 through June 13, 2005. Applications for assistance for physical and production losses caused by this disaster will be accepted at the Vernon County FSA Office, 102 W. Allison, Nevada, MO 64772.

Applications will be accepted through Aug. 21, 2006.

Loans for physical losses must be used to replace or repair damage to buildings, fences or to compensate the farmer for losses of basic livestock, stored crops, or supplies on hand, equipment, etc., that was lost due to the disaster.

Loans for production losses may also be used to buy feed, seed, fertilizer, livestock or to make payments on real estate or chattel debts. Generally, loans for production losses cannot be approved until crops have completed their production cycle or have been harvested.

In order to qualify, a farmer must have suffered a 30 percent loss in production or an actual physical loss that was essential to the successful operation of the farm.

Loans for actual losses are made at an interest rate of 3.75 percent for emergency loans to those eligible applicants who are unable to obtain the actual credit needed from another source.

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