Cattaraugus, Chautauqua and Erie counties have been declared eligible for Farm Service Agency, formerly Farmers Home Administration, disaster emergency loan assistance effective Oct. 3 due to damages and losses caused by the weather related armyworm outbreak which occurred May 15, 2012, and continuing.
Family farmers who have suffered production losses of at least 30 percent of their production and physical losses due to the armyworm outbreak 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 2.125 percent.
Application for loans under this emergency designation will be accepted until June 3. The FSA office is located at 3542 Turner Road, Jamestown.
For more information, call 664-2351.