Farm Service Agency (FSA) is offering emergency loans due to losses caused by flooding occurring March 1, 2010 and continuing.
President Obama declared a Presidential Major Disaster for 18 counties and the Tribal Nation of the Upper Sioux Community in Minnesota. Otter Tail, Becker 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.
The deadline to apply is December 20, 2010.
Applications and additional information may be obtained at a local USDA Service Center.