Applications for emergency farm loans for damage and losses caused by severe storms and tornadoes from March 21, 2022 to April 12, 2022 will be accepted at the Farm Service Agency’s office in Tyler, according to Farm Loan Manager Clinton Warrick.
Cherokee and Rusk are two of 25 Texas counties recently designated by President Biden that are eligible for loans to cover some actual production and/or physical losses as a result of the disaster.
Warrick explained that farmers may be eligible for loans for up to 100% of their actual losses or the business loan needed to continue farming business, whichever is less. For farmers who cannot obtain credit from private commercial lenders, the interest rate is 3.75%.
“Typically, a farmer must have experienced at least 30% crop failure or physical loss to be eligible for an FSA emergency loan under the disaster designation,” Warrick explained. Growers participating in the Federal Crop Insurance Program must consider the proceeds from these programs when determining their production loss. In addition, any insurance proceeds received by the producers as a result of the property damage must be taken into account when determining the total damage.
“Applications for loans under this emergency designation will be accepted until December 30, 2022, but farmers should apply as soon as possible. Delays in the application could result in backlogs, with possible delays into the new farming season,” Warrick said.
FSA is a credit reporting agency of the US Department of Agriculture. It is authorized to provide emergency emergency loans to recognized farms that work in agriculture and depend on it for a significant part of their livelihood. Eligibility extends to individual farms that meet US citizenship requirements, as well as farming partnerships, corporations, or cooperatives where US citizenship requirements are met by controlling individuals.
The FSA office is at 4209 Republic Drive, Tyler. Office hours are 8:00 a.m. to 4:30 p.m. and the office can be reached at 903-405-5676. For more information on disaster relief programs, visit online Disaster.fsa.usda.gov.