By Libby Cluett
lcluett@mineralwellsindex.com
Local farmers and ranchers affected by fires and high winds earlier this year could be eligible for emergency loan assistance from the U.S. Department of Agriculture’s Farm Service Agency.
“Palo Pinto County is included in a natural disaster area as designated by the Secretary of Agriculture on May 15 according to information [I] received this week,” County Judge Mike Smiddy stated in a press release.
Ten counties, including Young County, comprise the primary disaster area, he stated. In addition, 53 contiguous counties are included in the natural disaster area for damages and losses caused by fires and high winds beginning on Jan. 1.
“This designation makes farm operators eligible to be considered for low-interest emergency loans from the Farm Service Agency,” Smiddy said. “Loan applications will be received through Jan. 15, 2009 for production and physical losses.”
For details on the FSA loan program, contact Farm Loan Manager Cynthia Kruger at the Erath County Farm Loan Program Team located in Stephenville. Her number is (254) 965-3169.
Kruger said agricultural operators must meet certain eligibility and feasibility requirements to be eligible for emergency loans through the FSA.
“The number one thing is a ‘test for credit,’” she said. “If person who sustained a loss is eligible for credit through regular commercial lenders, then they are ineligible for FSA loan assistance.”
“In order to be also eligible, you have to have shown you sustained a 30 percent loss in what your operation does – [for example] wheat, peanut, melons, cattle or hay. This designation also covers physical losses,” she added. “You have to show proof that you had damage or losses.
The current interest rate on a regular direct FSA loan is 3.125 percent and the emergency loan rate is 3.75, according to Kruger.
“There might not be a benefit to utilizing the emergency loan when the direct loan has a lower interest rate,” she said. “However, we are able to loan more money through the emergency loan program; the maximum principle indebtedness is $500,000. We now have a $300,000 cap for the direct loan program.”
“The emergency loan program applicant must be willing to pledge any and all assets for collateral for the debt until the loan is repaid,” Kruger added.
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