Edward J. Hamill, state executive director, Farm Service Agency, announced Texas County will have FSA disaster loans available due to severe storms, tornadoes and flooding which occurred April 19 and continuing.
Applications will be accepted at the county office of the Farm Service Agency in Houston for physical and production losses caused by this disaster. Applications will be accepted through Feb. 1.
Loans for physical losses must be used to replace or repair damage to buildings, fences or to compensate the farmer for losses of basic livestock, stored crops or supplies on hand, equipment, etc., that were lost due to the disaster. Loans for production losses may also be used to buy feed, seed, fertilizer and livestock or to make payments on real estate or chattel debts. Generally, loans for production losses cannot be approved until crops have completed their production cycle or have been harvested.
To qualify, a farmer must have suffered a 30 percent loss in production or an actual physical loss that was essential to the successful operation of the farm.
Loans for actual losses are made at an interest rate of 3.75 percent for emergency loans to those eligible applicants who are unable to obtain the actual credit needed from another source.