FLEMINGTON, NJ – Hunterdon farmers may be eligible for emergency loans because of last year’s severe weather.
The loans are being made by the Farm Service Agency, which is part of the US Department of Agriculture. The news was announced by the county’s Agriculture Development Board.
The rain, moisture and storm-force winds from Hurricane Florence prompted the eligibility, as did last summer’s “excessive rain and moisture,” according to a CADB press release.
Eligible farmers may borrow up to a maximum of $500,000 to restore or replace essential property, pay all or part of production costs associated with the disaster year, or refinance certain debts incurred due to the disaster.
Farmers who may be interested in applying for an emergency loan must own or operate land located in Hunterdon, must be an established family farm operator, have sufficient farming experience, and must have suffered a 30 percent loss of production in a single crop/livestock enterprise.
Loans for crop and livestock losses are normally repaid within one to seven years, and depending on the loan purpose, may be authorized for a term of up to 20 years. The current interest rate is 3.75 percent, and would be fixed for the term of the loan.
For more information about FSA disaster assistance, visit the website, or contact loan specialist Shannon P. Barton at 609-438-3138.