Applications for emergency farm loans for losses caused by the severe storms and flooding are being accepted at the Farm Service Agency (FSA) office located in Stephenville, according to Cynthia Kinser.
Erath County is one of 32 counties in Texas recently named by President Obama as eligible for loans to cover part of actual production and/or physical losses resulting from the severe storms and flooding on April 17-30.
Kinser said farmers may be eligible for loans of up to 100% of their actual losses or the operating loan needed to continue the agricultural business, whichever is less. For farmers unable to obtain credit from private commercial lenders, the interest rate is 3.250%.
“As a general rule, a farmer must have suffered at least a 30 percent loss of crop production or suffered any physical loss to be eligible for an FSA emergency loan under this disaster designation,” Kinser said.
Producers participating in the Federal Crop Insurance program will have to consider proceeds from those programs in determining their production loss. Additionally, any insurance proceeds received by producers as a result of the physical loss will have to be considered in determining their total loss.
Applications for loans under this emergency designation will be accepted until Feb. 3, but farmers should apply as soon as possible. Delays in applying could create backlogs in processing, with possible delays into the new farming season.
The FSA office in Stephenville is open from 8 a.m.-4:30 p.m. Monday through Friday.
Additional information regarding Disaster Assistance Programs may be found online at http://disaster.fsa.usda.gov.