“Emergency loans for farmers, ranchers, and operators are available through the Oktibbeha County Office of the Farm Service Agency,” Douglas E. Naron, FSA Farm Loan Manager, said today.
According to Mr. Naron, this authority is pursuant to President Trump’s declaration on May 22, 2017, of a major disaster in Mississippi caused by severe storms, tornadoes, straight-line winds, and flooding that occurred on April 30, 2017. Choctaw County is contiguous to the primary natural disaster area. Therefore, it has been designated eligible for Federal Disaster assistance pursuant to Section 321 (a) of the Consolidated Farm and Rural Development Act.
Applications for assistance in the disaster-stricken county will be accepted by FSA through January 22, 2018.
Farmers qualifying for emergency loans may borrow up to 100 percent of their actual physical loss or the amount needed to restore their operation to its pre-disaster condition, whichever is less. The new emergency loan and outstanding principal balance of any existing emergency loan owed by the applicant or any individual member of an entity cannot exceed $500,000.00.
FSA emergency loans cover losses from designated disasters and are made to qualified farmers who cannot obtain credit from other lenders in the local area.