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FDA, Farm Service Agency Disaster Assistance Page <br />http:// www. fsa .w,da.gov /pas/disaster /emloarLh" <br />may authorize emergency loan assistance); <br />• are established family farm operators and have sufficient <br />farming or ranching experience; <br />• are citizens or permanent residents of the United States; <br />• have suffered at least 30- percent loss in crop production or a <br />physical loss to livestock, livestock products, real estate, or <br />chattel property; <br />• have an acceptable credit history; <br />• can provide collateral to secure the loan; and <br />• have repayment ability. [TOP <br />What requirements must I meet? <br />FSA loan requirements are different from those of other lenders. Some <br />of the more significant differences are the following: <br />• Borrowers must keep acceptable farm records. <br />• Borrowers must operate in accordance with a farm plan they <br />develop and agree to with local FSA staff. <br />• Borrowers may be required to participate in a financial <br />management training program, and obtain crop insurance. <br />[TOPJ <br />Do I need collateral? <br />All emergency loans must be fully collateralized. The specific type of <br />collateral required may vary depending upon the loan purpose, <br />repayment ability, and the individual circumstances of the applicant. If <br />applicants cannot provide adequate collateral, their repayment ability <br />may be considered as collateral to secure the loan. A first lien is <br />required on all property or products acquired, produced, or refinanced <br />with loan funds. [TOP] <br />What is the loan limit? <br />Producers can borrow up to 100 percent of actual production or <br />physical losses, to a maximum amount of $500,000. [TOP] <br />What are the terms of an emergency loan? <br />Loans for crop, livestock, and non real estate losses must normally be <br />repaid within 1 to 7 years depending upon the loan purpose, <br />repayment ability, and collateral available as loan security. In special <br />circumstances, terms of up to 20 years may be authorized. Loans for <br />physical losses to real estate are normally repaid within 30 years. In <br />certain circumstances, repayment may be extended over a maximum <br />of 40 years. [TOP <br />What is the interest rate? <br />The current annual interest rate for emergency loans is 3.75 percent. <br />[TOP] <br />What about application deadlines? <br />of 3 7/24/02 4:03 PM <br />