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WASHINGTON, D.C. - The Secretary of Agriculture issued a presidential disaster declaration Feb. 22 for Kentucky, Indiana and Tennessee based on severe storms, tornadoes, straight-line winds and flooding Feb. 5-6. As a result of this disaster determination, Indiana counties contiguous to Kentucky, including Perry, Crawford and Harrison, were declared eligible for assistance including Farm Service Agency emergency loans in this area.
Emergency loans may be made to farmers who:
Are established family farm operators.
Are citizens or permanent residents of the United States.
Have the ability, training or experience necessary to repay the loan.
Have suffered a qualifying physical loss, or a production loss of at least 30 percent in any essential farm or ranch enterprise.
Cannot obtain commercial credit and have repayment ability.
Emergency loans can be used for refinancing or annual operating expenses. The interest rate is 3.75 percent.
"Emergency-loan applications will be received through June 2, 2008, for physical and production losses and applications pending on that date may be processed and completed," said Jerry Gettelfinger, farm loan manager for the three counties. "For the purpose of determining loan security values for these loan applications, the beginning date of the incidence period is Feb. 1, 2008."
For more information, call (812) 738-8121, Ext. 102.