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News Brief

May 10, 2019Maryville, MO |  By: Lily Lopez

Ag producers eligible for disaster loss loans

Agricultural producers in Missouri who have lost property due to the recent natural disasters may be eligible for a low-interest U.S. Department of Agriculture physical loss loan. Farm Loan Manager for Farm Services Agency, Matthew Strueby, says the loan can help producers repair or replace any damaged or destroyed property essential to the success of the agricultural operation including grain storage and livestock losses.

"We can come in in lieu of or after insurance claims or insurance indemnities that they received on any of those items.  And the difference at that point, we can make a low interest loan on, extend the terms or repayment out on those items which would free up some working capital for them or allow them to replace or repair those structures or those machine equipment items."  

Strueby says these loans are meant to provide more options to producers looking to recover from the losses.

"We are not there to compete against those commercial lenders.  But for those individuals who don't have that availability or at that point, our rates and terms are more favorable, that the commercial lender that they typically deal with thinks that it would be to their benefit for long-term longevity of the operation, sometimes they would allow us to come in."

Applications are due December 24th. For more information or to see if you're eligible, call 660-582-7423 or visit the Nodaway County Farm Services Agency in Maryville located at 502 South Hills Drive.