FSA ACCEPTS EMERGENCY LOAN APPLICATIONS – The Gilmer Mirror
Applications for emergency agricultural loans for damage and harm caused by Drought (Expressway) occurring November, 1st, 2021 and carry on are accepted at the Agricultural Services Agency office located in Tyler starting today according to Clinton Warrick.
Gregg, Henderson, Black-smith, Upshur and Van Zandt are 5 of 107 counties in texas recently named by the president Bideneligible for loans to cover part of the actual production and/or physical losses resulting from the disaster.
Oarrick said farmers may be eligible for loans of up to 100% of their actual losses or the operating loan needed to continue the farming business, whichever is lower. For farmers unable to obtain credit from private commercial lenders, the interest rate is 3.75%.
“As a general rule, a farmer must have suffered a loss of agricultural production of at least 30% or suffered a physical loss to be eligible for anot FSA emergency loan under disaster designation,” said Oarrick. Producers who participate in the federal crop insurance program will have to take into account the proceeds of these programs in determining their production loss. In addition, any insurance proceeds received by producers as a result of physical loss must be taken into account in determining their total loss.
“Applications for loans under this emergency designation will be accepted until December 222022, but farmers should apply as soon as possible. Delays in demand could create backlogs in processing, with possible delays in new agricultural seasons. » Oarrick mentioned.
FSA is a credit agency of the United States Department of Agriculture. It is authorized to provide emergency disaster loans to recognized farms that work and depend on agriculture for a substantial part of their lives. Eligibility is extended to individual farms that meet US citizenship requirements and agricultural partnerships, corporations, or cooperatives in which US citizenship requirements are met by individuals with majority ownership.
The FSA office is located at 4209 Republic Drive, Tyler, TX 75701. The phone number is (903) 405-5676 with office hours from 8:00 a.m. to 4:30 p.m. Additional information regarding disaster assistance programs can be found online at http://disaster.fsa.usda.gov.