Missouri and Kansas farmers to get emergency loans from U.S.D.A.
The weather this summer has been detrimental to farmers in the lower Midwest. Areas in and around Kansas City were officially declared a disaster area after flash flood damage, and the U.S.D.A. has announced it will do all it can to help. Emergency loans will be made available for any farmers in certain areas that need some advance cash because of damaged crops. They will have several months to file for the loans. The loans will be incredibly low interest loans. Excessive rainfall and a brutal tornado season have caused extensive damage throughout the Midwest.
Extensive rainfall has occurred throughout the Midwest. Many stormfronts from the Gulf region to the Great Lakes have wreaked havoc, such as the Oklahoma tornadoes and the Milwaukee floods. Areas around Kansas City have been heavily damaged as well. The U.S. Department of Agriculture declared six of seven counties in the Kansas City, Mo., metro area natural disaster areas, and those counties could use some cash now to help rebuild.
Farms experience extensive damage
Farmers in the region had the summer crops were severely affected by weather throughout the year. According to the Kansas City Business Journal, wind, rain, and flash flood damage has wrecked a good portion of this summer’s crops, and emergency loans will be made available. Farmers who wish to take out these low cost loans can file for loans through the Department of Agriculture. The interest rate will be set at 3.75 percent, and the amount can be up to 100 percent of losses. People can borrow money in amounts up to $500,000. Aside from the six counties around Kansas City, there are 55 counties in Missouri and 47 counties in Oklahoma that have been declared disaster areas due to extreme weather in that area.
Mother Nature can take a toll
It has been said more than once that Mother Nature can be a cruel mistress. Too much rain and wind can wreak havoc in agricultural areas, and that can leave farmers — the people who make sure we all can eat — in need of quick cash that is harder to come by these days.
Kansas City Business Journal