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Business

July 19, 2010

Farm Service Agency (FSA) emergency loans available

Ada — President Obama recently declared a Presidential major disaster in Oklahoma based on severe storms, tornadoes and straight line winds that occurred May 10, 2010, to May 13, 2010.

The disaster declaration allows eligible farmers in the disaster areas to apply for emergency loan assistance from the Farm Service Agency.  Farm operators in contiguous counties are also eligible to be considered for low-interest emergency loans from the Farm Service Agency (FSA).  The following counties in Oklahoma were named as primary counties:  Alfalfa, Grant, Major, Noble, Osage, Creek, Garvin, Carter, Cleveland, McIntosh, Okfuskee, Pottawatomie and Seminole

The following counties in Oklahoma were named as contiguous counties where eligible family farmers may apply for emergency loan assistance: Blain, Dewey, Garfield, Kay, Kingfisher, Logan, Pawnee, Payne, Tulsa, Washington, Woods, Woodward, Grady, Lincoln, McClain, Murray, Okmulgee, Pontotoc, Stephens, Pittsburg, Marshall, Love, Johnston, Jefferson, Hughes, Haskell, Creek and Canadian

“Eligible producers in the designated counties may apply for emergency loan assistance” according to S. Michael Roberts, Farm Loan Manager for Pontotoc County. 

Emergency loan funds may be used to purchase seed, fertilizer, fuel, and repairs.  “A farmer can use the money for the most essential operating and living costs.” S. Michael Roberts said.  To be eligible for a loan, an applicant must have suffered losses as a direct result of the disaster and be unable to get credit from other sources.  Loans covering actual losses are at an interest rate of 3.75 per annum.  The amount of the loan is determined by actual certification of loss less any compensation received, repayment capacity of the borrower, and availability of security.

EM loan applications will be received through close of business Feb. 13, 2011.  Farmers and ranchers, who believe they can qualify, may contact the Pontotoc County FSA Office at 580-332-3070 ext. 2 for more details.

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