Cattaraugus, Chautauqua and Erie counties have been declared eligible for Farm Service Agency, formerly Farmers Home Administration, disaster emergency loan assistance effective Nov. 9, 2011, and Nov. 18, 2011, due to damages and losses caused by excessive rain, flash flooding, hail, high winds, below normal temperatures and tornadoes occurring from May 1, 2011, through June 28, 2011, and April 1, 2011, through Aug. 30, 2011, respectively.
Family farmers who have suffered physical and production losses in due to the excessive rain, flooding, flash flooding, hail, high winds, below normal temperatures and tornadoes 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 the emergency designation will be accepted until July 9 and July 18, respectively.
The FSA office is located at 3542 Turner Road, Jamestown, NY 14701. For more information, call 664-2351.