Disaster loans available due to freeze, flood

Tim Kelley, state executive director, Farmouri will have FSA disaster loans available due to severe freeze which occurred March 30 through April 21, 2007.

 Service Agency, announced effective June 26, 114 counties and one independent city in Miss

Applications for assistance will be accepted at the county office of the Farm Service Agency, 209 Ash Street, Gallatin, for physical and production losses caused by this disaster. Applications will be accepted through Feb. 26, 2008.

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 was lost due to the disaster. Loans for production losses may also be used to buy feed, seed, fertilizer, 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.

In order to qualify, a farmer must have suffered a 30% 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% for emergency loans to those eligible applicants who are unable to obtain the actual credit needed from another source. All loan programs of the Farm Service Agency are conducted on a non-discriminatory basis.

Disaster assistance available for small businesses

Small, non-farm businesses in 44 Missouri counties, including Daviess, (plus neighboring counties in Iowa, Kansas and Nebraska) may now apply for low-interest disaster loans from the U. S. Small Business Administration (SBA). These disaster loans offset economic losses because of reduced revenues caused by excessive rain and flood damage that occurred in the following 44 primary Missouri counties from May 5 through May 12, 2007, announced Alfred E. Judd, Director of SBA’s Disaster Field Operations Center – West.

Small businesses may qualify for Economic Injury Disaster Loans (EIDLs) of up to $1.5 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. "Eligibility for these working capital loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4%, a maximum term of 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship," Judd said.

By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Mike Johanns declared this disaster at the request of Governor Matt Blunt.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary’s declaration.

For information and application forms, call toll-free (800) 659-2955, or visit SBA’s website at www.sba.gov/services/disasterassistance. Hearing impaired individuals may call (800) 877-8339.

The deadline to apply for these loans is March 18, 2008.