FSA accepting emergency loan applications

Albany County has been declared eligible for Farm Service Agency disaster emergency loan assistance effective July 12, for damages and losses caused by the severe winter storm named Stella on March 14 and 15.

Family farmers who have suffered at least 30 percent of their production due to the storm may be eligible for FSA loans. Proceeds from crop insurance and any FSA programs are taken into account when determining eligibility for production losses. Losses must be supported with documented records.

Farmers may be eligible for production loss loans 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 this emergency designation will be accepted until March 12, 2018. The jFSA office is located at 2530 State Route 40, Greenwich, New York, 12834; its telephone number is (518) 692-9940, ext. 2

 

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