FSA accepting emergency loan applications
Chautauqua, Cattaraugus and Erie counties have been declared eligible for Farm Service Agency, formerly Farmers Home Administration, disaster emergency loan assistance effective March 6 due to damages and losses caused by freeze which occurred beginning Dec. 1. In addition, Cattaraugus and Erie counties have been declared eligible for disaster loan assistance effective Jan. 31 due to a blizzard that occurred from Jan. 6 through Jan. 10. Family farmers who have suffered physical losses and/or the losses of at least 30 percent of their production due to the freeze or blizzard may be eligible for FSA loans.
Proceeds from crop insurance and any FSA programs are taken into account when determining eligibility for physical and/or production losses. Losses must be supported with documented records. Under the FSA Emergency Loan Programs farmers may be eligible for production and physical loss loans of up to 100 percent of their actual losses, or the operating loan amount needed to continue in business, or a maximum principal balance outstanding of $500,000, whichever is less. Farmers must be unable to obtain credit from private commercial lenders. The interest rate on Emergency Loans is 3.75 percent.
Application for loans under these emergency designations will be accepted until Nov. 26 for production losses due to freeze and until Nov. 6 for physical losses due to the blizzard. The FSA office is located at 220 Fluvanna Ave., Suite 600, Jamestown, 14701, telephone number 664-2351, ext. 2.