Clay County to receive FSA disaster loan applications

By: 
DTL STAFF
Staff Writer

Clay County farmers, ranchers and operators are eligible for emergency loans through the Oktibbeha County Office of Farm Service Agency due to last summer’s drought.
According to FSA Farm Loan Manager Douglas Naron, this authority is pursuant to Acting Deputy Secretary Young’s declaration on February 23, 2017, of a major disaster in Mississippi caused by a drought intensity value during the growing season of: D2 (Drought-Severe) for 8 or more consecutive weeks; or (2) D3 (Drought-Extreme) or D4 (Drought-Exceptional) according to the U.S. Drought Monitor. As a result, Clay 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.
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.
Applications for assistance in the disaster-stricken county will be accepted by FSA through October 23, 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 $500,000.00.

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