Chase among counties eligible for USDA emergency loans
Farm Service Agency (FSA) State Executive Director, Dan Steinkruger, announced that family farmers in three Nebraska counties are eligible to apply for low interest Emergency (EM) loans due to physical and production losses caused by excessive rain, hail, high winds and flooding that occurred on June 6 and continuing.
In addition, Chase County is among with a qualifying loss, this designation makes producers eligible for the Supplemental Revenue Assistance Program (SURE). Those counties are: Hayes, Perkins, and Valley.
In addition, 12 Nebraska counties eligible for this assistance because they are contiguous to one or more of the primary Nebraska counties that were designated on Aug. 25 by the Secretary of Agriculture.
Emergency loan applications must be submitted through the local FSA county office from any applicant who qualifies for a physical or production loss (at least a 30 percent reduction from normal) in a single enterprise from this disaster in these counties.
To qualify for an EM loan, an applicant must be an established family farm operator; provide evidence of having suffered a qualifying physical or production loss; and be unable to obtain suitable credit from a source other than FSA.
The low interest loans may cover up to 100 percent of their actual production or physical losses, to a maximum amount of $500,000. The loan applicants must show ability to repay the loan and the loan must be adequately secured.
FSA loans for production losses may be used to buy feed, seed, fertilizer, livestock or to refinance certain debts. FSA loans for physical losses may be used to repair or replace the property that was damaged or lost.
The current interest rate for the EM loans is 3.75%.
The deadline for submitting applications is April 26, 2010.