Emergency loan applications start

Farmers in Barnes, Eddy, Foster and Stutsman counties who suffered physical and production losses because of drought conditions occurring July 10 and continuing may now apply for Farm Service Agency Emergency Loans, Farm Loan Manager Wynn M Rasmussen said.

Barnes, Eddy, Foster and Stutsman counties are eligible to receive EM loans because they were declared as a primary or contiguous county in North Dakota that was designated a major disaster area.

The time allowed to file EM loan applications is eight months. For those county farmers, this means the deadline for applications to be filed is May 6, 2013.

Although the authority for emergency loan processing has been given, all potential EM loan applicants must be aware that they will be unable to complete an application for loan processing until after all information for their farm operation pertaining to actual physical losses and production losses, crop insurance benefits, and to any other crop production compensation, is available and can be documented.

Rasmussen said farmers who suffered a qualifying production loss of at least 30 percent from normal and are unable to get credit elsewhere, may apply for reduced interest loans to cover up to 100 percent of their losses. Farm Service Agency Emergency loans currently carry a 2.25 percent interest rate. To qualify for physical losses, there does not have to be a qualifying loss amount.

Farmers who think they are eligible may apply for assistance at the FSA County Office at 1301 East Business Loop, PO Box 1868, Jamestown, ND 58402.

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