Feb 19th 2008, 05:00

Save Your Farm From Calamities

The FSA helps farmers recoup agricultural losses from environmental disasters

Once a natural calamity strikes a farm, regaining lost production may turn out to be a very costly process.

The USDA’s Farm Service Agency (FSA) provides emergency loans for farmers who just went through painful farm losses as a result of severe environmental disasters.  Loans can be secured to up to $500,000. Here is a rundown of its uses:

1. Restore or repair farm properties;
2. Fully or partially pay production losses connected with the disaster year;
3. Refinance debts; 
4. Rearrange farming operations; and 
5. Pay family living expenses.

Loan requirements like keeping valid farm records, working in agreement with the FSA’s farm plan, and participating in management-training programs are few acceptable conditions for any farm worker.  Collateral is also required to make a loan, which will depend on the purpose.  In case collateral is insufficient, repayment ability may then be considered as collateral.

You are eligible for the loan if you own or operate in a disaster or quarantine area designated by the Secretary of Agriculture or declared by the President; a citizen or a permanent U.S. resident; lost at least 30% of real-estate, crop production, livestock, or physical production; have valid credit history; can provide collateral; cannot secure credit commercially; are a family farm operator with enough farming experience; and have repayment ability.

Loan interest rate is 3.75% and applications must be received within 8 months of the county’s disaster or quarantine designation date.

More information is available at:
www.fsa.usda.gov/pas/disaster/emloan.htm

You can also get other information from the nearest FSA office.  Locate it from this site:
http://offices.sc.egov.usda.gov/locator/app?state=us&agency=fsa

 

 

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