Deadline for FSA loan applications approaching

The expiration date for filing applications for Emergency Disaster loans by farmers and ranchers in Bourbon County is March 18, according to Robert E. White, farm loan manager for the Farm Service Agency.

Those needing farm credit as a result of drought on April 1, 2012 and continuing and who believe they are eligible for FSA assistance, should make their applications at the FSA county office in Girard, before the expiration date, White said in a news release.

"Loans covering physical and/or production losses are scheduled for repayment as rapidly as feasible, consistent with the applicant's reasonable ability to pay," White said.

The current interest rate is 2.125 percent but is subject to monthly changes until the loan is approved, the release said.

FSA's Farm Loan Programs staff is committed to new and existing customers, FSA customer goals and rural communities. FSA's service extends beyond the typical loan, offering FSA customers ongoing consultation, advice and creative ways to make farm businesses thrive, the release said.

The FSA wants to be a lender of first opportunity to overcome these adverse weather conditions and rebuild operations to get farmers and ranchers back on track. FSA's loan staff can refer customers to other public and commercial financing sources that can serve as a blend with FSA's farm loan programs, the release said.

FSA loans covering physical losses may be used to replace installations, equipment, livestock, or buildings (including homes), lost through this disaster.

FSA loans covering production losses may be used to buy feed, seed, fertilizer, livestock or to make payments on real estate and chattel debts.

"Funds can also be used for other essential operating and living expenses," White said.

To be eligible for an emergency disaster loan, an applicant must be operating a family-size farm or ranch, must be unable to get credit elsewhere, and must have suffered a qualifying physical and/or production loss from the disaster, the release said.

Farmers who suffered at least a 30-percent reduction to at least one cropping enterprise may have a qualifying production loss. Emergency disaster production loss loans cover 100 percent of qualifying losses, the release said.

Farmers and ranchers who think they may be eligible should contact the FSA County Office in Girard, or call (620) 724-6227 for additional information and how to apply.