Farmers not applying for loans

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July 7, 2007

By Sonny Turner The News Courier Sat Jul 07, 2007, 08:31 PM CDT

Limestone County was declared a natural disaster area due to drought on July 2, but since then there have been no farmers or ranchers to apply for the low-interest emergency loans.

“We’ve had some calls, but no one has yet applied,” Limestone Farm Service Agency Director Shane Seay said Friday. “We think there will be some to apply in the fall.”

The U.S. Department of Agriculture designated the county a primary natural disaster area because of losses caused by severe drought since Jan. 1.

Farmers in Limestone County have until March 2 to apply for loans to help cover part of their actual losses. FSA will consider each loan application on its own merits, taking into account the extent of losses, security available and repayment ability, said Seay.

“The interest rate is 3.75 percent right now,” he said.

In addition, Seay said he expects emergency funds to be eligible to farmers sometime this fall because of the drought.

“I see it coming, I just don’t when,” he said. “That will help out if it comes through.”

Limestone County farmers are being hit hard for the second consecutive year due to drought. The corn crop has been destroyed along with the wheat and fruit crops. Cotton and soybeans are also struggling.

USDA has also made other programs available to assist farmers and ranchers, including the Emergency Conservation Program, Federal Crop Insurance and the Noninsured Crop Disaster Assistance Program.

Interested farmers may contact their local USDA Service Centers for further information on eligibility requirements and application procedures for these and other programs.

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