Emergency loans available for rural storm losses and spring flooding
Farm Service Agency (FSA) is offering emergency loans due to losses caused by severe storms and flooding occurring between March 16 and May 25, 2011.
President Barack Obama declared a Presidential Major Disaster for 33 counties and one Indian Reservation in Minnesota, which included Otter Tail and Becker counties. Wadena, Hubbard, Todd, Cass and Clearwater counties are eligible as contiguous counties.
Loans are available at a 3¾ 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:
n Be a citizen or legal resident alien
n Have legal capacity
n Be unable to obtain sufficient credit elsewhere, including an FSA guaranteed loan
n Be the operator of a family size farm
n 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 Jan. 24, 2012.
Obtain applications and additional information at the local USDA Service Center, 732-9723.