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to Dec. 2 is the previous Sept. 30 deadline to apply for farm loans under the President’s special drought assistance program. Culpeper, Madison, and Rappahannock are the area counties designated under that program for emergency loans because of damages and losses caused by drought beginning in the 1976 crop year (which ended Dec. 31, 1976) and-or during crop year 1977.
Also, the deadline has been extended to Dec. 2, for applications for assistance under a designation for Rappahannock County due to hail storms on August 13 and 14, 1976.
Farmers lacking other sources of necessary credit may apply to FmHA for loans to offset losses or revive farming operations. Under the schedule of interest rates as revised by PL 95-89, loans are made at a rate of 3 per cent on the first $250,000 borrowed against actual loss, 5 per cent for additional amounts offsetting actual loss, and 8 per cent for loans not based on loss but needed to continue farming or making major adjustments in farm operations.
Mr. Trew said extension of earlier deadlines will give farmers whose crop returns are determined late in the year a better opportunity to assess their losses and credit needs, and enable FmHA to speed completion of work on applications now pending that need immediate processing.
FmHA emergency loan applications from farmers in Culpeper, Madison, and Rappahannock Counties are received at the agency’s county office located at 604 S. Main Street in Culpeper.
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