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Emergency farm loans being accepted
Applications for emergency farm loans for losses caused by drought, excessive heat, high winds, and wildfires from Jan. 1, 2011, and continuing are being accepted at the Farm Service Agency office located in Seguin, Farm Loan Manager Raecene Randall said in a March 27 press release.
Bexar and Wilson counties are two in Texas named by the secretary of agriculture as eligible for loans to cover part of actual production losses. Forty other counties were named contiguous.
Randall said farmers may be eligible for loans of up to 100 percent 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 3.75 percent.
“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 [Farm Service Agency] emergency loan under this disaster designation,” Randall 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 Tuesday, Sept. 4.
The Farm Service Agency office in Seguin is open Monday through Friday, from 8 a.m. to 4:30 p.m. Additional information regarding Disaster Assistance Programs may be found online at http://disaster.fsa.usda.gov.
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