FSA emergency loans available for mid-June storms and flooding losses in Park Rapids in July
Farm Service Agency is offering emergency loans due to losses caused by severe storms and flooding occurring June 14-21, 2012. President Barack Obama declared two counties in Minnesota primary disaster counties. Wadena and Hubbard counties are eligible as contiguous counties.
Loans are available at 2.125 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 March 26, 2013.
Obtain applications and additional information at your local USDA Service Center.