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Agricultural News

Emergency Loans Available for Farmers and Ranchers Affected by Tornadoes

Fri, 24 May 2013 10:34:51 CDT

Francie Tolle, executive director for the Oklahoma Farm Service Agency (FSA), announced that emergency loans are now available to help farmers and ranchers recover from production and physical losses due to the recent tornadoes.


The Presidential Disaster Designation makes emergency loan funding available to affected individuals in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties. Additionally, the contiguous counties: Canadian, Creek, Garvin, Grady, Logan, Okfuskee, Payne, Pontotoc, Seminole, also qualify for the emergency funding.


Eligible loan funds may be used to restore or replace essential property and pay production costs associated with the disaster year. Applicants can borrow up to 100% of actual production or physical losses not to exceed $500,000. Effective June 1st, the rate for these low interest loans will be is 2.250%.


Producers must meet eligibility requirements and not be able to obtain credit from a commercial lender. FSA will consider each loan application on its own merits, taking into account the extent of losses, security available and repayment ability.


For more information on the FSA Loan Programs, visit your local FSA County Office or online at www.fsa.usda.gov/ok.



   

 

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