Emergency loans still available for area family farmers
Emergency loans at an annual interest rate of 3.5 percent are currently available to eligible family farmers in Rock County as a result of a recently issued FSA Administrator’s Physical Loss Notification.
This approval is limited to applicants who suffered physical losses caused by high winds, heavy rain, hail and damaging winds that occurred on June 22, 2015.
FSA provides emergency loans to help producers recover from production and physical losses due to drought, flooding or other natural disasters, as well as quarantine.
Emergency loan funds may be used to:
•restore or replace essential property;
•pay all or part of the production costs associated with the disaster year;
•pay essential family living expenses;
•reorganize the farming operation; and
•refinance certain debts.
Loans for crop, livestock, and non-real estate losses are normally repaid within one to seven years, depending on the loan purpose, repayment ability and collateral available as loan security.
In special circumstances, terms of up to 20 years may be authorized.
Loans for physical losses to real estate are normally repaid within 30 years. In certain circumstances, repayment may be made over a maximum of 40 years.
Emergency loan applications will be accepted until June 23, 2016.