Emergency loans available to Ivan victims

By Staff
Special to The Star
Emergency loans for farmers, ranchers and operators are available through the Clarke and Lauderdale county offices of the Farm Service Agency.
Leonard A. Beatty, FSA farm loan manager, said this authority is pursuant to President Bush's disaster declaration after Hurricane Ivan struck Alabama and East Mississippi.
Applications for assistance in the disaster-stricken counties will be accepted by FSA through May 23, 2005.
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.
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.