Farmers in St. Lawrence County may be eligible for Farm Service Agency (FSA) disaster emergency loan assistance for flooding and other damage this spring. St. Lawrence County has been declared …
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Farmers in St. Lawrence County may be eligible for Farm Service Agency (FSA) disaster emergency loan assistance for flooding and other damage this spring.
St. Lawrence County has been declared eligible for the program in recognition of damage and losses caused by excessive rain, flooding, high winds, and lightning which occurred from April 1 and continuing.
Family farmers who have suffered physical losses only, due to the excessive rain, flash flooding, flooding, high winds, and lightning, may be eligible for FSA loans, according to the Canton USDA FSA office.
Proceeds from crop insurance and any FSA programs are taken into account when determining eligibility for physical 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.
To qualify, farmers must be unable to obtain credit from private commercial lenders. The interest rate on emergency loans is 3.75 percent.
These programs are under the Farm Service Agency, formerly the Farmers Home Administration.
Application for loans under this emergency designation will be accepted until February 10, 2012.
The FSA office is at 1942 Old DeKalb Road, Canton, New York 13617-3134, telephone 386-2401.
For reference, the Declaration number is N1069.