The United States Department of Agriculture’s Farm Service Agency is offering emergency loans and emergency physical loss loans due to severe storms, straight-line winds, and flooding occurring June 20-26.
President Obama declared 18 counties in Minnesota primary disaster counties. Otter Tail county is eligible as a contiguous county.
Loans are currently available at 2.5 percent interest. Interest rates are set at the beginning of each month.
Loan amounts are 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;
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-Have legal capacity;
-Be unable to obtain sufficient credit elsewhere, including an FSA guaranteed loan;
-Be the operator of a family size farm; and
-Not be delinquent on any federal debt.
Additional requirements include satisfactory credit history, demonstrated repayment ability and the sufficient security for the loan.
Deadline to apply for emergency loans is March 25, 2014. Deadline to apply for emergency physical loss loans is March 27, 2014.
Applications and additional information is available at USDA Service Centers. Contact the Perham center at 346-4260.
