Distress loans have been approved by the Wisconsin Farm Service Agency (FSA) for 2011 corn and soybean crops. The loans are being offered due to the high volume crop harvest, which may cause storage shortages in the state.
"The distress loans were approved for Wisconsin producers having difficulty in finding adequate acceptable storage for their 2011 corn and soybean crops," said Brad Pfaff, Wisconsin FSA State Executive Director. "Producers can obtain short term commodity loans on grain stored on the ground or in temporary structures."
Distress loans have a three-month term and are only authorized when there is a shortage of storage at harvest time on the farm or in local warehouses. These loans mature on demand, but no later than 90 calendar days after the date the loan is disbursed. Loans must be repaid at principal, plus interest.
Distress loan requests must be made and loan documents signed within 30 days after the completion of harvest of the commodity. Producers have the option to move the commodity into eligible storage and re-pledge for a regular nine-month marketing assistance loan.
Producers interested in obtaining a distress loan should contact their local Farm Service Agency office for more information.
The FSA Financial Services website is available to conveniently view financial information and conduct FSA business. The website located at www.fsa.usda.gov/fmi
is accessible to producers who have an e-Authentication Level 2 account.
Producers who do not currently have an account may register for an e-Authentication Level 2 account at www.eauth.egov.usda.gov.
Additionally, if you are a female farmer or rancher or a Hispanic farmer and you believe that the United States Department of Agriculture improperly denied farm loan benefits to you for certain time periods between 1981 and 2000 because of your gender or race, you may be eligible to apply for compensation. To register your name to to receive a claims package in the female and Hispanic farmers claims process, call the Farmer and Rancher Call Center at 1-888-508-4429 or access the website: www.farmerclaims.gov.