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Emergency loans
easier to receive
As of July 2, the Farmers Home Administration has changed its eligibility requirements for emergency loans. It now allows farmers who suffer losses from natural disasters to qualify for the loans.
“Farmers no longer have to suffer a qualifying loss on all crops to be eligible for and emergency loan,” said FmHA state director Lloyd A. Jones. “A substantial loss -normally 30 percent of normal production-of a single crop in a disaster is sufficient.”
Another important change drops a requirement that nonessential assests must be sold and the proceeds applied to the loan.
“Such assests now can be retained, but they must be pledged as security for the loan,” Jones said.
These changes enable farmers to qualify more readily for emergency loans.
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