Disaster Loans Are Available To Yalobusha Farmers

Disaster Loans Are Available To Yalobusha Farmers

CHARLESTON – Emergency loans for Yalobusha farmers, ranchers, and operators are available through the Tallahatchie County Office of the Farm Service Agency, David Durham, FSA Farm Loan Manager, reported last week.

According to Durham, this authority is pursuant to Secretary Vilsack’s declaration on August 10 of a major disaster in Mississippi caused by an intense drought  during the growing season. 

As result, Yalobusha County has been designated a primary natural disaster area 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 April 10, 2017.

Farmers qualifying for emergency loans may borrow up to 100 percent of their actual production 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.

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.