FSA announces equine operations now eligible for emergency loans
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[April 09, 2012]
SPRINGFIELD -- The USDA Farm Service
Agency in Illinois announced last week that equine operations that
breed, raise and sell certain types of horses are now eligible for
loan assistance under FSA's emergency loan program.
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"Equine operations whose primary enterprise is to breed, raise and
sell horses are now eligible for the same emergency loan assistance
that is available to livestock and row crop producers," said
Scherrie V. Giamanco, FSA state executive director. "Emergency loans
are part of the farm safety net that will assist eligible producers
who suffer losses due to drought, flooding, quarantine or other
natural disasters." Emergency loan
funds may be used to:
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Restore or replace
essential property.
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Pay all or part of
production costs associated with the disaster year (the calendar
year in which the disaster occurred).
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Pay essential
family living expenses.
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Reorganize the
farming operation.
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Refinance certain debts.
Emergency loans can be made to farmers and ranchers who own and
operate lands in a county or contiguous county declared by the
president or designated by the secretary of agriculture as a
disaster area. Producers can borrow up to 100 percent of actual
production or physical losses up to a maximum of $500,000. Terms of
the loans include an interest rate of 3.75 percent and repayment
over a period of one to 40 years, depending on the nature of the
loss and the collateral available to secure the loan.
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For additional information on FSA's emergency loan program, contact
your local county FSA office. For contact information for the Logan
County Farm Service Agency, click here.
[Text from file
received from Illinois Farm
Service Agency]
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