Wind damage loans for farmers ready

MARCY — The Montgomery, Fulton and Hamilton counties have been declared eligible for the Farm Service Agency, Oneida County, formerly Farmers Home, emergency loan applications effective June 15, due to damages and losses caused by excessive strong winds, which occurred on May 15, according to a news release.

The family farmers who have suffered qualifying physical damages and losses caused by excessive strong winds may be eligible for FSA loans. The insurance and any other compensation are taken into account when determining eligibility for production and physical losses. The losses must be supported with documented records.

Under the FSA Emergency Loan programs, farmers may be eligible for physical and production loss loans up to $500,000 with a maximum principal balance outstanding of $500,000. The physical and production loss loans are available to farmers suffering losses to property essential to their operation. The farmers must be unable to obtain credit from private commercial lenders. The interest rate on emergency loans is 2.375 percent.

The application deadline for emergency loans is Feb. 16, 2021. The FSA office is located at 9025 River Road, Room 201, Marcy, N.Y. 13403 and phone is (315) 736-3316, Ext. 2.

By Patricia Older