Emergency loans available to area farmers
Farm Service Agency (FSA) is offering emergency loans due to losses caused by disaster events including, but not limited to, excessive rain, flooding, flash flooding, unseasonably cool temperatures, frosts and freezes, and drought, occurring between April 1 and Dec. 31, 2009.
The Secretary of Agriculture declared a natural disaster for 16 counties in Minnesota, which affected Wadena, Hubbard, Becker, Cass and Clearwater counties. Otter Tail, Todd and Morrison counties are eligible as contiguous counties.
Loans are available at a 3 percent interest rate, based on the actual loss (less insurance) due to the disaster events, and farmers must meet the eligibility requirements for a loan including:
Be a citizen or legal resident alien
Have legal capacity
Be unable to obtain sufficient credit elsewhere, including an FSA guaranteed loan
Be the operator of a family size farm
Not be delinquent on any federal debt
Additional requirements include satisfactory credit, history, demonstrate repayment ability and provide sufficient security for the loan.
Deadline to apply is Nov. 8.
Obtain applications and additional information at your local USDA Service Center.