Nebraska Counties Are Eligible for USDA Emergency Loans

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Nebraska Counties Are Eligible for USDA Emergency Loans

06/09/2011 03:47 PM EDT

For Immediate Release
June 9, 2011

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Contact:
Dan Steinkruger, State Executive Director, at (402) 437-5581 or dan.steinkruger@ne.usda.gov
FSA Website: http://www.fsa.usda.gov/ne/

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Nebraska Counties Are Eligible for USDA Emergency Loans

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LINCOLN, NEBRASKA, June 9, 2011 - Farm Service Agency (FSA) State Executive Director, Dan Steinkruger, announced that family farmers in two Nebraska counties are eligible to apply for low interest Emergency (EM) loans due to physical and production losses caused by flooding that occurred on March 11, 2011, and continuing. Those counties are: Dixon and Dakota.

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These two Nebraska counties became eligible for this assistance because they are contiguous to Union County, South Dakota that was declared a Presidential Major Disaster on June 8, 2011, by President Obama due to this disaster.

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Emergency loan applications are available and must be submitted through the local FSA county office from any applicant who qualifies for a physical or production loss (at least a 30 percent reduction from normal) in a single enterprise from this disaster in these counties. To qualify for an EM loan, an applicant must be an established family farm operator; provide evidence of having suffered a qualifying physical or production loss; be unable to obtain suitable credit from a source other than FSA. The low interest loans may cover up to 100 percent of their actual production or physical losses, to a maximum amount of $500,000. The loan applicants must show ability to repay the loan and the loan must be adequately secured. FSA loans for production losses may be used to buy feed, seed, fertilizer, livestock, or to refinance certain debts. FSA loans for physical losses may be used to repair or replace the property that was damaged or lost. The current interest rate for the EM loans is 3.75%. The deadline for submitting applications is February 8, 2012.

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In addition to the Emergency (EM) Loan Program, the FSA has other Direct and Guaranteed Farm Operating and Farm Ownership Loan Programs, which can be considered in assisting farmers to recover from their losses. Additional information about FSA Farm Loan Programs is available at www.fsa.usda.gov/dafl..

 

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