On July 31, President Obama designated three Wisconsin counties as contiguous natural disaster areas due to damage and losses caused by severe storms, tornadoes, and flooding that occurred in ten primary Iowa counties between June 21-28.
Producers in Crawford, Grant and Vernon counties qualify for emergency loans because their counties are contiguous to the primary disaster counties in Iowa.
Six days prior, on July 25, Obama named Vernon and La Crosse counties contiguous natural disaster areas due to severe storms, high winds and flooding in 18 Minnesota counties during the period from June 21-16.
“The counties announced in the Presidential Disaster Designation have the opportunity to access low interest emergency loans through the Farm Service Agency (FSA). These loans are available to producers who have suffered qualifying damages or losses from the severe weather,” said Brad Pfaff, Wisconsin FSA State Executive Director. “The deadline to file for a disaster loan is March 31, 2014.”
Actual loss loans for production losses will be based on the disaster year production compared to the previous three (3) year production history. Actual loss loans for physical damages to property destroyed or damaged will be based upon the allowable cost associated with repairing or replacing the property destroyed or damaged. In addition, the damaged or destroyed property must be essential to the continuation of the operation. Interest rates for actual loss loans that do not exceed $500,000 will be 2.5 percent.
FSA is prohibited from making loans to applicants who can get credit elsewhere. Producers who feel they have sustained a qualifying loss and are interested in more information may contact their local county FSA office located in USDA Service Centers throughout Wisconsin.