Cattaraugus and Chautauqua counties have been declared eligible for Farm Service Agency (FSA), formerly Farmers Home Administration, disaster emergency loan assistance effective June 22, 2012 for freezing temperatures from March 1, 2012 and ending May 13, 2012.
Family farmers who have suffered production losses of at least 30 percent of their production and physical losses due to the freezing temperatures may be eligible for FSA loans. Proceeds from crop insurance and any FSA programs are taken into account when determining eligibility for physical losses. Losses must be supported with documented records. Under the FSA Emergency Loan Programs farmers may be eligible for production and physical loss loans of up to 100 percent of their actual losses, or the operating loan amount needed to continue in business, or a maximum principal balance outstanding of $500,000, whichever is less. Farmers must be unable to obtain credit from private commercial lenders. The interest rate on Emergency Loans is 3.75 percent.
Application for loans under this emergency designation will be accepted until Feb. 22, 2013. The FSA office is located at 3542 Turner Rd., Jamestown, NY 14701, telephone number (716) 664-2351.
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