Loans Available for Drought Damage

Drought has hurt many farms across California. Three counties were named disaster areas in the past year, and more have been added to the national registry.
Producers in Butte, Lake, Mendocine, Plumas, Shasta and Trinity counties may qualify for emergency, low-rate loans from the Farm Service Agency.
Tom Vilsack announced these counties last week. “President Obama and I understand these conditions caused severe damage to the area and serious harm to farms in California,” Vilsack said. “These designations will provide help to farmers who suffered significant production losses to more than 9,000 acres of olive crops.”
There are two different groups of eligible producers. The first is those who have suffered losses since January 2009 (to present) resulting from drought conditions. These applications must be in by May 17. Those who have suffered physical losses from May 15-31 2009 from high temperatures and lack of water can apply until May 25, 2010 for loan assistance.
Eligible producers include those who suffered a 30 percent loss, can repay the loan, keep good farm records and operate within co-ordinance of the Farm Service Agency. Farmers must also have multi-peril crop insurance.
Those who receive loans may be required to participate in a financial management training program. For more information call your local FSA office or visit their website.
In the market for a farm loan? Contact Farm Plus today for information on low-rate farm loans starting at only 2.95%. Call us at 866-929-5585 or visit us online for more information.