Published: May 15, 2008 08:50 am         

Disaster deadline approaching, another declared

Farmers and ranchers in all Oklahoma counties except Cimarron and Texas, who suffered physical and production losses caused by severe storms, flooding and tornadoes that occurred June 10, 2007 to July 25, 2007, are reminded of the upcoming loan application deadline. Producers have until May 28 to apply.

The loans will be made to assist farmers in recovering from physical and production losses. Farm and ranch operators who have suffered qualifying losses, may be eligible for FSA emergency loans to cover actual physical and production losses.

Emergency loan funds may be used to purchase seed, fertilizer, fuel and repairs. A farmer may use the money for the essential operating and living costs. To be eligible for a loan, an applicant must have suffered losses as a direct result of the disaster and be unable to obtain credit from other sources. Loans covering actual losses are at an interest rate of 3.75 percent 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. Contact the FSA office at Vinita at 256-6882 for details.

President Bush recently declared a Presidential major disaster in Oklahoma based on severe storms, tornadoes and flooding that occurred March 17 to 23 and continuing. The disaster declarations allows eligible farmers in the disaster areas to apply for emergency loan assistance from the Farm Service Agency. Farm operators in contiguous counties are also eligible to be considered for low-interest emergency loans from the Farm Service Agency (FSA). The following counties in Oklahoma were named as primary counties: Adair, Haskell, Hughes, Latimer, Mayes, McCurtin, McIntosh, Muskogee, Okfuskee, Okmulgee, Pittsburg, Pushmataha and Sequoyah.

The following counties in Oklahoma were named as contiguous counties where eligible family farmers may apply for emergency loan assistance: Atoka, Cherokee, Choctaw, Coal, Craig, Creek, Delaware, LeFlore, Lincoln, Pontotoc, Pottawatomie, Rogers, Seminole, Tulsa and Wagoner.

Emergency loan funds may be used to purchase seed, fertilizer, fuel and repairs. A farmer may use the money for the most essential operating and living costs. 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 an interest rate of 3.75 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 accepted through close of business Jan. 5, 2009. Call

256-6882 for additional details.

     

• Click to discuss this story with other readers on our forums.