Farm Service Agency Emergency Loans available

January 21, 2013

Secretary of Agriculture, Tom Vilsack, designated 76 counties in Oklahoma as primary disaster areas due to losses caused by drought that began Nov. 1, 2012 and continuing.
Farm operators in contiguous counties are also eligible to be considered for low-interest emergency loans from the Farm Service Agency (FSA).
Eligible producers, in the designated counties, may apply for emergency loan assistance, according to Jim Murray, Farm Loan Manager for Texas, Beaver and Cimarron Counties.
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,” Murray 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 a current interest rate of 2.25 per cent 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 September 9, 2013. Farmers and ranchers, who believe they can qualify, may contact the Texas County FSA Office at 580-338-7379 for additional details.