Farm Service Agency (FSA) is offering emergency loans due to losses caused by disaster events including, but not limited to, the combined effects of excessive rain, excessive heat, high winds, tornadoes, and an early fall frost occurring April 1 - Sept. 15, 2011. The Secretary of Agriculture declared an additional seven counties Minnesota primary disaster counties. Otter Tail county is eligible as a contiguous county.
Loans are available at a 3 3/4 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. The deadline to apply is Aug. 13, 2012.
Obtain applications and additional information at your local USDA Service Center.
