Emergency farm loan applications being accepted

March 21, 2018

Applications for emergency farm loans for losses by drought are being accepted at the Farm Service Agency office.

Terry County is one of 60 primary counties in Texas recently named by Secretary of Agriculture Sonny Perdue eligible for loans to cover part of actual production and/or physical losses resulting from drought occurring November 14, 2017 and continuing.

Farmers may be eligible for loans of up to 100 percent of their actual losses or the operating loan needed to continue the agricultural business, whichever is less. For farmers unable to obtain credit from private commercial lenders, the interest rate is 2.750 percent.

Producers participating in the Federal Crop Insurance program will have to consider proceeds from those programs in determining their production loss. Additionally, any insurance proceeds received by producers as a result of the physical loss will have to be considered in determining their total loss.

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Category: Agriculture, Area News