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US horse farms now eligible for emergency federal loans

March 2, 2012

Equine operations that breed, raise and sell certain types of horses are now eligible for loan assistance under the US Department of Agriculture Farm Service Agency's emergency loan program.

The decision was announced by Farm Service Agency aministrator Bruce Nelson, who said: "This policy modification will help certain equine operations when they face losses due to drought, flooding, other natural disasters or quarantine.

"A strong farm safety net, including emergency credit, is critical to sustain the success of American agriculture."

Emergency loan funds may be used to:

Emergency loans can be made to farmers and ranchers who own and operate lands in a county declared by the President or designated by the Secretary of Agriculture as a disaster area. Farmers in adjacent counties may also be eligible.

Producers can borrow up to 100 per cent of actual production or physical losses up to a maximum of $US500,000.

Terms of the loans include an interest rate of 3.75 per cent and repayment over a period of one to 40 years depending on the nature of the loss and the collateral available to secure the loan.

 

 

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