(The Center Square) – Disaster farm loans are now being offered to Vermont farmers in an effort to recover from flooding.
The Vermont Farm Fund is offering emergency loans between $10,000 and $15,000. Anson Tebbetts, Vermont’s Secretary of Agriculture, said these will feature an option for deferred payments for one year.
Tebbetts announced the initiative in a tweet.
NEW: $15,000 available for farmers who had flood damage. These emergency loans by Vermont Farm Fund can defer payments for 1 year. DETAILS: https://t.co/QYHUzWMuMd pic.twitter.com/bMS3ioboOp— Anson Tebbetts (@anson_ag) July 24, 2023
According to a release, application requirements for the funding include an online application form, a credit report for each signer, two years of past financials, and the previous year’s tax return.
According to a release, the loans lessen hurdles to acquiring capital for recovery and rebuilding farms. They can be paid over a 36- to 48-month period and at 0% interest.
The department, according to a release, will review applications and respond within 10 business days. Loan funds could be granted within 14 days. Qualifying applicants must be farmers or food producers who have suffered losses due to unexpected natural disasters jeopardizing their farms or careers.
According to a release, qualifying emergencies include losses for fire, flood, wind, drought, and hail. The loss can occur with buildings, animals, equipment, greenhouses, and hay fields.
According to a release, the department urges that businesses should be in solid financial health and save for unexpected natural disasters as the loans are designed to put them back to a profitable status.
However, according to a release, the loans are not permissible for cash shortfalls due to equipment failure, unanticipated business situations, and insufficient cash flow not caused by nature. Vermont farmers experiencing these situations are urged to seek Business Builder Loans to see if they qualify for a low-interest loan.
