FSA loans available for tornado victims
The Farm Service Agency (FSA) is offering emergency loans due to losses caused by severe storms, tornadoes and flooding occurring June 17, 2010.
President Obama declared a Presidential Major Disaster for seven counties in Minnesota, which include Otter Tail and Wadena counties.
Hubbard, Becker, Todd, Cass and Clearwater counties are eligible as contiguous counties.
Loans are available at a 3 ¾ percent interest rate, based on the actual loss (less insurance) due to the disaster events, and farmers must meet the eligibility requirements for a loan including:
Be a citizen or legal resident alien
Have legal capacity
Be unable to obtain sufficient credit elsewhere, including an FSA guaranteed loan
Be the operator of a family size farm
Not be delinquent on any federal debt
Additional requirements include satisfactory credit history, demonstrate repayment ability and provide sufficient security for the loan.
Deadline to apply is March 2, 2011.
Obtain applications and additional information at USDA Service Centers.