Farm Service Agency emergency loans

Area farmers who suffered losses due to adverse weather in March may qualify for an emergency loan.

Farm loan manager, Garry W. Movall, has announced that family farmers who suffered qualifying physical losses caused by hail, high winds, lightening and tornadoes in Des Moines, Henry and Louisa counties on March 6, 2017, may be eligible for an Farm Service Agency (FSA) low-interest emergency loan. The final date for making an application for losses from this storm is Nov. 24, 2017.

A subsequent storm that caused qualifying physical losses frome excessive rain, flash flooding, flooding, hail, high winds, lighteningand tornadoes in Washington, Henry and Louisa counties from May 15 through May 17, 2017, may also be eligible for a FSA low-interest emergency loan. The final date for making an application for losses from this storm is Feb. 12, 2018.

The Farm Service Agency makes emergency loans to eligible family farmers to enable them to return to normal operations after sustaining a loss resulting from natural disasters. Physical loss loans may be made to repair or replace damaged or destroyed physical property essential to the farming operations. Examples include farm buildings, fixtures to the real estate, equipment, livestock and harvested or stored crops.

Applicants must have suffered qualifying losses and be unable to obtain credit from other usual sources to qualify for FSA Farm Loan Program assistance. The interest rate for the emergency loans is presently 3.75 percent. The repayment schedule for most disaster loans are based on useful life of the security, applicant?s repayment ability and the type of loss. Each applicant applying for credit will be given equal consideration without regard to race, creed, color, marital status or national origin.

For more information on this or other FSA programs, producers are encouraged to contact Garry W. Movall, farm loan manager at the Henry County FSA office located at 709 S. Iris Street, Suite 102, Mt. Pleasant, Iowa 52641. Or call, 319-385-2037. Information can also be found at www.fsa.usda.gov.