Marion County farmers and ranchers have until March 9 to file applications for emergency disaster loans.
According to Jane Armitage, Farm Loan Manager, those needing farm credit as a result of severe storms, flooding, and tornadoes from May 22, 2008 through June 16, 2008, and who think they are eligible for FSA assistance, should make their applications at the Marion County FSA office before the expiration date.
Loans covering physical and/or production losses may be made at 3.75 percent interest rate, and are scheduled for repayment as rapidly as feasible, consistent with the applicant’s reasonable ability to pay.
Loans covering physical losses may be used to replace installations, equipment, livestock, or buildings (including houses), lost through a disaster.
Loans covering production losses may be used to buy feed, seed, fertilizer, livestock, or to make payments on real estate and chattel debts.
To be eligible for an emergency disaster loan, an applicant must be operating a family-size farm or ranch, must be unable to get credit elsewhere, and must have suffered a qualifying physical and/or production loss from a disaster.
Farmers, who suffered at least a 30 percent reduction to at least one cropping enterprise, may have a qualifying production loss. Emergency disaster production loss loans cover qualifying losses, or up to $500,000.