Cattaraugus, Chautauqua and Erie counties have been declared eligible for Farm Service Agency, formerly Farmers Home Administration, disaster emergency loan assistance effective Aug. 25, 2011, due to damages and losses caused by excessive rain, flash flooding, flooding and cooler than normal temperatures which occurred March 1, 2011, through June 1, 2011.
Family farmers who have suffered production losses of at least 30 percent of their production and physical losses due to the excessive rain, flash flooding, flooding and cooler than normal temperatures may be eligible for FSA loans. Proceeds from crop insurance and any FSA programs are taken into account when determining eligibility for production losses. Losses must be supported with documented records. Under the FSA Emergency Loan Programs farmers may be eligible for production 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 the emergency designation will be accepted until April 25, 2012. The FSA office is located at 3542 Turner Road, Jamestown. For more information, call 664-2351.