Deadline Nears for Oklahoma Disaster Loan Applications
Farmers and ranchers in all 77 counties in Oklahoma , who suffered physical and production losses caused by drought, high temperatures, high winds, and fire that occurred July 1, 2005 , and continues, are reminded of the upcoming loan application deadline. According to Stephen L. Vaughan, Farm Loan Officer, producers have until October 30, 2006 , to apply.
The loans will be made to assist farmers in recovering from physical and production losses. Farm and ranch operators, who have suffered qualifying losses, may be eligible for FSA emergency loans to cover actual physical and production losses.
Emergency loan funds may be used to purchase seed, fertilizer, fuel, and repairs. “A farmer can use the money for the most essential operating and living costs,” Mr. Vaughan said. To be eligible for a loan, an applicant must have suffered losses as a direct result of the disaster and be unable to obtain credit from other sources. Loans covering actual losses are at an interest rate of 3.75 percent per annum. The amount of the loan is determined by actual certification of loss less any compensation received, repayment capacity of the borrower, and availability of security. Please contact the Cimarron County FSA Office for additional details.
Boise City News